Refer to the financial statements of The Home Depot in Appendix A at the end of this
Question:
Refer to the financial statements of The Home Depot in Appendix A at the end of this book.
Required:
1. What is the amount of Accumulated Depreciation and Amortization at January 29, 2017? What percentage is this of the total cost of property and equipment?
a. $18,512; 45.8%
b. $21,914; 54.2%
c. $21,914; 51.0%
d. $1,754; 22.0%
2. What amount of Depreciation and Amortization Expense was reported for the year ended January 29, 2017? What percentage of net sales is it?
a. $18,512; 45.8%
b. $1,754; 9.3%
c. $1,754; 1.9%
d. $1,754; 22.0%
3. What is the fixed asset turnover ratio for the year ended January 29, 2017?
a. 2.37
b. 4.17
c. 4.29
d. 4.32
Step by Step Answer:
answers 1 b 21914 542 2 b 1754 93 3 a 237 explanation 1 The Accumulated Depreciation and Am...View the full answer
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
Related Video
Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.
Students also viewed these Business questions
-
Refer to the financial statements of The Home Depot in Appendix A at the end of this book. Required: 1. How much did The Home Depot owe for salaries and related expenses at January 29, 2017? Was this...
-
Refer to the financial statements of The Home Depot in Appendix A at the end of this book. Required: 1. How much does The Home Depot report for Cash and Cash Equivalents and Restricted Cash (in...
-
Refer to the financial statements of The Home Depot in Appendix A at the end of this book. Required: 1. Which of the two basic reporting approaches for the cash flows from operating activities did...
-
Regulation imperial soccer fields have a length of 91 meters and a width of 39 meters. Show that during a friendly match there are always two players that are not farther from each other than 19...
-
Make a control volume around the turbine in the steam power plant in Fig. 1.1 and list the flows of mass and energy that are there.
-
Suppose that total factor productivity, z, affects the productivity of government production just as it affects private production. That is, suppose that when the government collects taxes, it...
-
Prepare a balance sheet and income statement for Kronlokken Company from the following scrambled list of items. a. Prepare a common-sized income statement and a common-sized balance sheet. Interpret...
-
You just found out that the structure chart needs a change. The Produce Reports module will have a condition, and can send a Contact Rating to three of its own subordinate modules: High Potential,...
-
Total Energy (a) Conserved 12. Which one of the following is true in the case of inelastic collisions? Kinetic Energy Conserved Momentum Conserved (b) Conserved Not Conserved Conserved (c) Conserved...
-
Brexit and Rolls-Roycel Rolls said it "remains committed to the UK where we are headquartered, directly employ over 23,000 talented and committed workers and where we carry out a significant majority...
-
When recording depreciation, which of the following statements is true? a. Total assets increase and stockholders equity increases. b. Total assets decrease and total liabilities increase. c. Total...
-
Which of the following should be capitalized when a piece of production equipment is acquired for a factory? a. Sales tax b. Transportation costs c. Installation costs d. All of the above
-
When the lights of a car are switched on, an ammeter in series with them reads 10.0 A and a voltmeter connected across them reads 12.0 V (Figure). When the electric starting motor is turned on, the...
-
Germ Destroyer receives correspondence from Jim informing them that he is seeking to avoid the contract. Germ Destroyer's president is upset and calls Jim, refusing to agree to rescind the agreement....
-
1. Where and when did the music festival take place? 2. How was the concert conceived? What went right and what went wrong in planning it? 3. How did the festival define the times and a generation?...
-
Steve Kolektur purchased an expensive original vase displayed in the window of the retail outlet Highlite Authentics & Originals. He paid the down payment of $10,000.00 and was to return 4 days later...
-
No organization wants a lawsuit when terminating an employee. What could an employer do to minimize the impact of dismissing an employee? A. Offer a severance package. B. Have the HR department do...
-
Let S be the set that contains the smallest 100 positive integers; that is, S = {1, 2, 3, ... , 99, 100}. Prove that a list can be made of the 2100 subsets of S so that the empty set is the first...
-
Show that the dipole moment (14.9) of a system of charges is independent of the choice of the coordinate origin, provided the system has no net charge.
-
As indicated by mutual fund flows, investors tend to beat the market seek safety invest in last year's winner invest in last years loser
-
When customers experience economic difficulties, companies consider extending longer credit periods. What are the possible consequences of longer credit periods on Sales, Accounts Receivable,...
-
Describe how (and when) the direct write-off method accounts for uncollectible accounts. What are the disadvantages of this method?
-
Refer to question 7. What amounts would be reported if the direct write-off method were used? Which method (allowance or direct write-off) more accurately reports the financial results? Refer...
-
An economic consultant for a fast-food chain has been given a random sample of the chains service workers. In her model, A, the length of time y between the time the worker is hired and the time a...
-
Household income in marketing surveys is often reported in brackets: for example, under $15,000, $15,000$25,000, ... , over $95,000. (a) Suppose that household income is the outcome variable in a...
-
While many parties were interested in acquiring MCI, the major players included Verizon and Qwest. U.S.-based Qwest is an integrated communications company that provides data, multimedia, and...
Study smarter with the SolutionInn App