
(1)
Plant, property, and equipment refer to the fixed assets, having a useful life of more than a year that is acquired by a company to be used in its business activities, for generating revenue. Example for property is land, example for plant is building, and example for equipment is machines.
Intangible Assets: These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark,
To identify: The categories of property, plant, and equipment and intangible assets, which are reported by Incorporation P in its February 2, 2014
(2)
To determine: The cash spent to purchase property and equipment in the fiscal year ended February 2, 2014, and describe how does this compare with purchases in previous year.
(3)
The fixed-asset turnover ratio of Incorporation P for the fiscal year ended February 2, 2014, and interprets the ratio.

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