Financial information for The Buckle is presented in Appendix B at the end of the book.
Required:
1. The summary of significant accounting polices is located in footnote A to the financial statements. Locate the section on property and equipment. What depreciation method does The Buckle use? What are the estimated useful lives for buildings, leasehold improvements, and property and equipment?
2. Find footnote D entitled Property and Equipment. What is the cost of property and equipment? What is the trend in property and equipment for the past two years?
3. Find footnote H entitled Commitments. Retail stores, like The Buckle, tend to lease rather than buy their stores. What is the most common term for the leases? What are the future minimum rental commitments under operating leases at February 6, 2010?