Ef 57. Estimating Useful Life and Percent Used UpThe property and equipment footnote from the Deere & Company Equipment and Operations segment follows.Property and Depreciation A summary of property and equipment at October 31 follows.Useful Lives*(Years)Property and Equipment ($ millions)LandBuildings and building equipmentMachinery and equipmentDies, patterns, tools, etcAll otherLAT DANIConstruction in progressTotal at costLess accumulated depreciationTotal*Weighted averages2311852015 2014$114 $1202,794 3,0374,8331.0005.0891,55219041.5671,367875ve345889cop530200P10,528 11,2175,846 5,694$4.682 $5,523Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively.a. Compute the average useful life of Deere's depreciable assets at year-end 2015.Round answer to one decimal place.14.5 x yearsb. Estimate the percent used up of Deere's depreciable assets at year-end 2015.Round answer to one decimal place (ex: 0.2345 = 23.5%)58* %

Asset is defined as any resource that attracts income to its lawful owner. Each asset has varied…

Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) (Years) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 2015 2014 $114 $120 2,794 3,037 4.833 5,089 1.567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. 14.5 x years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345=23.5%) 58 * %

Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) (Years) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total Weighted averages 23 11 8 5 2015 2014 $114 $120 2,794 3,037 4.833 5,089 1.567 1,552 875 889 345 530 10,528 11,217 5,846 5,694 $4,682 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. 14.5 x years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345=23.5%) 58 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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