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 Property and equipment, net (445,768) (378,079) $526,713 $439,271 Depreciation expense related to property and equipment was $134.6 million and $118.8 million, for the years ended February 3, 2019, and January 28, 2018, respectively. Required a. Consider the level of the various PPE components. Does it seem likely that the company manufactures its own inventory? No +

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 Property and equipment, net (445,768) (378,079) $526,713 $439,271 Depreciation expense related to property and equipment was $134.6 million and $118.8 million, for the years ended February 3, 2019, and January 28, 2018, respectively. Required a. Consider the level of the various PPE components. Does it seem likely that the company manufactures its own inventory? No +

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

eBook Show Me How Determining cost of land On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $41,000 in cash and giving a short-term note for $282,000, Legal fees paid were $2,290, delinquent taxes assumed were $14,200, and fees paid to remove an old building from the land were $21,000. Materials salvaged from the demolition of the building were sold for $4,800. A contractor was paid $981,900 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet. X Feedback Check My Work Costs incurred to ready the asset for use are added to the asset account. Materials salvaged and sold during the process reduce the cost of the land.
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.
Selected accounts included in the property, plant, and equipment section of Splish Corporation’s balance sheet at December 31, 2019, had the following balances. Land $378,000 Land improvements 176,400 Buildings 1,386,000 Equipment 1,209,600 During 2020, the following transactions occurred. 1. A tract of land was acquired for $189,000 as a potential future building site. 2. A plant facility consisting of land and building was acquired from Mendota Company in exchange for 25,200 shares of Splish’s common stock. On the acquisition date, Splish’s stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota’s books at $138,600 for land and $403,200 for the building at the exchange date. Current appraised values for the land and building, respectively, are $289,800 and $869,400. 3. Items of machinery and equipment were purchased at a total cost of $504,000. Additional costs were incurred as…
What is the journal entry Declan's Designs recorded to recognize 2022 deprecation expense? Question 5 options: Dr. Accumulated Depreciation $3,000 Cr. Depreciation Expense $3,000 Dr. Depreciation Expense $2,000 Cr. Accumulated Depreciation $2,000 Dr. Depreciation Expense $3,000 Cr. Accumulated Depreciation $3,000 Dr. Depreciation Expense $1,000 Cr. Accumulated Depreciation $1,000
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…
The following information for Cheyenne Real Estate
Vikram
Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 v #2 Aug. 30, 2020 Double-declining-balance 5,800 8 years 400 $ 1,125 x #3 Feb. 1, 2021 Sum-of-the-years'-digits 7,200 4 years 320 $ 1,147 x #4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $
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
FIXED ASSET 1 On January 1, 2020, PT ABC acquired real estate on which it planned to construct a factory. The company paid $150,000 in cash. ABC paid $15,000 to tear down an old building on the land. The salvaged materials were sold for $2,000. Additional expenditures before construction began included $1,000 tax cost for land entitlement, $5,000 real estate broker's fee, $8,000 architect's fee, $870,000 construction cost, and $2,000 liability insurance during construction cost. a. Prepare entries to record the expenditures
Question Content Area The president of Christmas Corporation donated a building to Tuesday Corporation. The building had an original cost of $675,000, a book value of $255,000, and a fair market value of $475,000. The journal entry by Tuesday Corporation to record this donation will include a debit Building for $675,000 and credit Gain for $200,000. debit Building for $255,000 and credit Gain for $255,000. debit Building for $475,000 and credit Gain for $200,000. debit Building for $475,000 and credit Gain for $475,000.
Need help with this