Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon athletica 2018 balance sheet follows. Property and Equipment (in thousands) Feb. 3, 2019 Land $78,636 38,030 362,571 103,733 69,542 230,689 15,009 74,271 972,481 (405,244) $567,237 Buildings Leasehold improvements Furniture and fixtures Computer hardware Computer software Equipment and vehicles Work in progress Property and equipment, gross Accumulated depreciation Property and equipment, net Jan. 28, 2018 $83,048 39,278 301,449 91,778 61,734 173,997 14,806 51,260 817,350 (343,708) $473,642 Depreciation expenses related to property and equipment was $122.4 million and $108.00 million, for the years ended February 3, 2019, and January 28, 2018, respectively.

Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon athletica 2018 balance sheet follows. Property and Equipment (in thousands) Feb. 3, 2019 Land $78,636 38,030 362,571 103,733 69,542 230,689 15,009 74,271 972,481 (405,244) $567,237 Buildings Leasehold improvements Furniture and fixtures Computer hardware Computer software Equipment and vehicles Work in progress Property and equipment, gross Accumulated depreciation Property and equipment, net Jan. 28, 2018 $83,048 39,278 301,449 91,778 61,734 173,997 14,806 51,260 817,350 (343,708) $473,642 Depreciation expenses related to property and equipment was $122.4 million and $108.00 million, for the years ended February 3, 2019, and January 28, 2018, respectively.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

DEPRECIATION OF FIXED ASSETS: ASSET INFO: use the following information for all of the depreciation related questions that follow. Keeping Kids Active Company, Inc makes playground balls for children. KKAC, Inc purchased and began using (placed in service) a piece of equipment to help the company make the balls on September 1, 2020. The equipment cost $56,000 to purchase, $4,000 for delivery and installation (combined). At the time of purchase, KKAC estimates this equipment will be used for 4 years and have a salvage value of $6,00O. KKAC expects to make 250,000 playground balls in total with this equipment. *** Determine the Asset Cost (acquisition cost) of this asset. Show your calculations on your PDF upload.
A company purchases a $10,000 piece of equipment with a $1,000 salvage value and estimated life of 5 years on October 1, 2019. What is the company’s depreciation expense for 2019 if they use the straight-line method of depreciation? Group of answer choices $2,000 $450 $1,800 $0
Can you please show me the solution? Thank you so much in advance! For the year ended, December 31, 2019. -Depreciation for land improvements -Depreciation for building -Depreciation for machinery and equipment -Depreciation for automotive equipment
DEPRECIATION OF FIXED ASSETS: ASSET INFO: use the following information for all of the depreciation related questions that follow. Keeping Kids Active Company, Inc makes playground balls for children. KKAC, Inc purchased and began using (placed in service) a piece of equipment to help the company make the balls on September 1, 2020. The equipment cost $56,000 to purchase, $4,000 for delivery and installation (combined). At the time of purchase, KKAC estimates this equipment will be used for 4 years and have a salvage value of $6,00O. KKAC expects to make 250,000 playground balls in total with this equipment. *** Determine the Asset Cost (acquisition cost) of this asset. Show your calculations on your PDF upload.
In early February 2020, Bridgeport Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the addition: Feb. 1 Mar. 1 July 1 Dec. 1 Dec. 31 Payment #1 to contractor Payment to architect Payment #2 to contractor Payment #3 to contractor Asset carrying amount $168,000 21,000 64,400 177,000 Amount of interest $ $430,400 On February 1, Bridgeport issued a $102,000, three-year note payable at a rate of 11% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Other Debt Instruments Outstanding-2020 9%, 15-year bonds, issued May 1, 2005, matured May 1, 2020 6%, 10-year bonds, issued June 15, 2014 6%, 12-year bonds, issued May 1, 2020 Principal amount $303,000 $500,000 $303,000 What amount of interest should be capitalized for the fiscal year ending…
Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.
Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land as a factory site for $100,000. It demolished an old building on the property and began construction on a new building that was completed on October 2, 2019. Costs incurred during this period are: Demolition of old building $ 8,000 Architect's fees 20,000 Legal fees for title investigation and purchase contract 5,000 Construction costs 625,000 Edwards sold salvaged materials resulting from the demolition for $2,000. Required: 1. At what amount should Edwards record the cost of the land and the new building, respectively? If an input box should be blank, enter a zero. Land Building Purchase price of land Demolition of old building Architect's fees Legal fees Construction costs Salvaged materials Total 2. Next Level If management misclassified a portion of the building's cost as part of the cost of the land, what would be the effect on the financial statements?
please help me to solve this question
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…
On June 1, 2022, Sun Construction began construction of a new building for its use. The building was finished and ready for use on May 31, 2024. Expenditures for the construction were as follows: Cost of land paid in June 1, 2022 $1,800,000 September 1/2022 600,000 December 31, 2022 800,000 march 31, 2023 395,000 May 31,2023 375,000 November 1,2023 562,500 January 31,2024 37,806 May 31, 2024 567983 Sun Construction borrowed $700,000 on a construction loan at 5% interest on June 1,2022 This loan was outstanding during the construction period. The company also had the following outstanding loan during the period: $7,000,000, 7. % bonds $5,000,000, 4% mortgage. Required 1-Compute the amount of capitalize interest, if any from first day of the project until its ready to use? 2-Journalize the entries in May 31/2024 and calculate the building total cost. 3- Journalize the depreciation in 31/12/2024 assuming the company use straight line method for depreciation with 50 years' useful life and…
DEPRECIATION OF FIXED ASSETS: ASSET INFO: use the following information for all of the depreciation related questions that follow. Keeping Kids Active Company, Inc makes playground balls for children. KKAC, Inc purchased and began using (placed in service) a piece of equipment to help the company make the balls on September 1, 2020. The equipment cost $56,000 to purchase, $4,000 for delivery and installation (combined). At the time of purchase, KKAC estimates this equipment will be used for 4 years and have a salvage value of $6,00O. KKAC expects to make 250,000 playground balls in total with this equipment. *** Determine the Asset Cost (acquisition cost) of this asset. Show your calculations on your PDF upload.
BILL Company constructed an asset for its own use. Construction started on January 1, 2019 and the asset was completed on December 31,2019. Expenditures incurred during the year were as follows: January 1- $400,000 April 7 -$500,000 August 14- $480,000 December 15 $150,000 What is the average accumulated expenditures for the self-constructed asset?