Interpreting and Applying Disclosures on Property and EquipmentFollowing are selected disclosures from the 10-K report of Facebook Inc. Facebook reported 2018 sales of $55,838 million.Property and Equipment, NetDecember 31, $ millionsLandBuildingsLeasehold improvementsNetwork equipmentComputer software, office equipment and other iConstruction in progressTotalLess: Accumulated depreciationProperty and equipment, net20182017$899$7987,4014,9091,84195913,017 7,9981,1876817,228 2,99231,573 18,337(6,890) (4,616)$24,683 $13,721Depreciation expense on property and equipment was $3.68 billion and $2.33 billion during 2018 and 2017, respectively.(a) Compute the PPE turnover for 2018.Round answer to one decimal place.2.9 (b) Estimate the useful life, on average, for its depreciable PPE assets.Round your answer to one decimal place.6.3 x years(c) By what percentage are Facebook's assets "used up" at year-end 2018?Round your answer to one decimal place.29.3 * %

Calculation of cost on which depreciation would be calculated.Cost = Average of both years (to…

Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the 10-K report of Facebook Inc. Facebook reported 2018 sales of $55,838 million. Property and Equipment, Net December 31, $ millions Land Buildings Leasehold improvements Network equipment Computer software, office equipment and other Construction in progress Total Less: Accumulated depreciation Property and equipment, net 2018 2017 $899 7,401 1,841 13,017 1,187 7,228 2,992 31,573 18,337 (6,890) (4,616) $24,683 $13,721 $798 4,909 959 7,998 681 Depreciation expense on property and equipment was $3.68 billion and $2.33 billion during 2018 and 2017, respectively. (a) Compute the PPE turnover for 2018. Round answer to one decimal place. 2.9

Interpreting and Applying Disclosures on Property and Equipment Following are selected disclosures from the 10-K report of Facebook Inc. Facebook reported 2018 sales of $55,838 million. Property and Equipment, Net December 31, $ millions Land Buildings Leasehold improvements Network equipment Computer software, office equipment and other Construction in progress Total Less: Accumulated depreciation Property and equipment, net 2018 2017 $899 7,401 1,841 13,017 1,187 7,228 2,992 31,573 18,337 (6,890) (4,616) $24,683 $13,721 $798 4,909 959 7,998 681 Depreciation expense on property and equipment was $3.68 billion and $2.33 billion during 2018 and 2017, respectively. (a) Compute the PPE turnover for 2018. Round answer to one decimal place. 2.9

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

PART II: BALANCE SHEET: 5 Points Presented below is information related to current assets, plant assets, natural resources, and intangibles at year end on December 31, 2023, for Hardy Company: $2,180,000 Buildings Goodwill Accounts Receivable Patents Cash Accumulated Depreciation-Bldg. 625,000 300,000 680,000 400,000 650,000 Instructions Prepare a partial classified balance sheet, using appropriate headings and classifications, for Hardy Company that shows how the above listed items should be presented.
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net $ 245,000 (125,000) $ 119,000 1 Cash received from the sale of building 2. Depreciation expense 3 Purchase of building $ 445,000 (139,000) $306,000 2020 $335,000 (236,000) $ 99,000 $ 465,000 (324,000) $ 141,000 During 2021, a building with a book value of $83,000 and an original cost of $365,000 was sold at a gain of $73,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021?
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
Estimating Useful Life and Percent Used UpThe property and equipment section of the lululemon athletica 2018 balance sheet follows. Property and Equipment (in thousands) Feb. 3, 2019 Jan. 28, 2018 Land $78,636 $83,048 Buildings 38,030 39,278 Leasehold improvements 362,571 301,449 Furniture and fixtures 103,733 91,778 Computer hardware 69,542 61,734 Computer software 230,689 173,997 Equipment and vehicles 15,009 14,806 Work in progress 74,271 51,260 Property and equipment, gross 972,481 817,350 Accumulated depreciation (405,244) (343,708) Property and equipment, net $567,237 $473,642 Depreciation expense related to property and equipment was $122.4 million and $108.00 million, for the years ended February 3, 2019, and January 28, 2018, respectively.Requireda. Consider the level of the various PPE components. Does it seem likely that the company manufactures its own inventory? Answer b. Compute the estimated useful life of lululemon’s depreciable…
Walmart Stores, Inc. Property and Equipment ($ in millions) Land Buildings and improvements Fixtures and equipment Transportation equipment Property under capital lease Property and equipment Accumulated depreciation Property and equipment, net January 31, 2015 $ 26,261 97,496 January 31, 2014 $ 26,184 95,488 45,044 42,971 2,807 2,785 5,787 5,661 177,395 173,089 (63,115) (57,725) $114,280 $115,364
Don't provide answer in image format
Questions related to the Statement of Financial position: What is the most liquid Asset account for Emirates in 2018? State the account name and respective. Calculate the Current Ratio for the year 2018. PLEASE MAKE SURE THE ANSWER IS CORRECT 100%
Vaibhav
Hi, may I know, the FIXED ASSET in that picture is only "property, plant and equipment" or is there anything I missed? Thank you for helping me.
Red Velvet Services has the following assets as of December 31, 2017 Date Acquired 4. Salvage Value P1,500,000 Useful Life Cost P16,000,000 10 years 5 years Building Jan. 1, 2015 50,000 July 1, 2016 March 1, 2017 7,000,000 1,900,000 Furniture & Fixtures Equipment 8 years 100,000 Required: Cive the adjusting en tOTecord utpretiatioITTOr each asset in 2015, 2010, dnu 2017 Give the depreciation expense of each asset TOI Cach year Oive the d. Give the entry on March 1, 2018 when the equipment was sold for P500,000 b. tien of each accot foreach voar C.
Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets 2021 Plant assets Equipment Accumulated depreciation-Equipment Equipment, net Buildings Accumulated depreciation-Buildings Buildings, net 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment $ 180,000 (100,000) $ 80,000 $ $ 380,000 (100,000) $ 280,000 During 2021, equipment with a book value of $40,000 and an original cost of $210,000 was sold at a loss of $3,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 2020 37,000 $ 270,000 (210,000) $ 60,000 $ 400,000 (285,000) $ 115,000
ADDITIONAL INFORMATION During the year A company sold equipment with an original cost of 153000$ and accumulated depreciation of 119000$ and purchased new equipment for 272000.