SupposeNike Inc.reported the following plant assets and intangible assets for the year ended May 31 2014 (in millions): other plant assets $983.5; land $243.3; patents and trademarks (at cost) $547.4; machinery and equipment $2012.3; buildings $943; goodwill (at cost) $188.9; accumulated amortization $54.1; and accumulated depreciation $2397.
Prepare a partial balance sheet for Nike for these items.(List Property Plant and Equipment in order of Land Buildings and Equipment.)
Match the statement with the term most directly associated with it.
Rights privileges and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance
The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
A right to sell certain products or services or use certain trademarks or trade names within a designated geographic area.
Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
The excess of the cost of a company over the fair value of the net assets acquired.
Wang Co. has delivery equipment that cost $47610and has been depreciated $23640.
Record entries for the disposal under the following assumptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
It was scrapped as having no value.
It was sold for $36860.
It was sold for $19880.
Here are selected 2014 transactions of Cleland Corporation.
Retired a piece of machinery that was purchased on January 1 2004. The machine cost $62360and had a useful life of10years with no salvage value.
Sold a computer that was purchased on January 1 2012. The computer cost $35600and had a useful life of4years with no salvage value. The computer was sold for $4910cash.
Sold a delivery truck for $9290cash. The truck cost $24190when it was purchased on January 1 2011 and was depreciated based on a5-year useful life with a $4090salvage value.
The financial statements ofTootsie Rollare presented below.
TOOTSIE ROLL INDUSTRIES INC
The financial statements ofThe Hershey CompanyandTootsie Rollare presented below.
At December 31 2014 Navaro Corporation reported the following plant assets.
Less: Accumulated depreciationbuildings
Less: Accumulated depreciationequipment
Total plant assets
Presented below is an aging schedule for Bosworth Company.
Not Yet Due
Number of Days Past Due
Estimated percentage uncollectible
Total estimated bad debts