The 2004 annual report of Minnesota Mining and Manufacturing (3M) included the following information (all dollar amounts
Question:
The 2004 annual report of Minnesota Mining and Manufacturing (3M) included the following information (all dollar amounts are in millions):
1. Using only the net PP&E figures, estimate the book value of the property, plant, and equipment that was sold during the year.
2. Using the individual PP&E and accumulated depreciation accounts, estimate the gain or loss on the disposal of property, plant, and equipment during theyear.
Transcribed Image Text:
2004 2003 From the balance sheet: From the statement of cash flows-operating: From the statement of cash flows-investing Property. plant and equipment (net) Depreciation Purchases of property. plant and equipment outflow.... 835 964 (937) 69 (677) 129 Proceeds from sale of PP&E and other assets-inflow..-......... From the notes to the financial statements: 16.290 5,841 0,579 0,232 Property. plant and equipment, at cost .. Accumulated depreciation
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
1 A Taccount will be used to estimate the book value of the PPE that was sold during th...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
The 2007 annual report of Minnesota Mining and Manufacturing (3M) included the following information (all dollar amounts are in millions): 1. Using only the net PP&E figures, estimate the book value...
-
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion...
-
The products of Minnesota Mining and Manufacturing Company (3M) range from office supplies, duct tape, and road reflectors to laser imagers for CAT scanners. One of the companys goals is to...
-
According to the 1980 revisions to the Copyright Act of 1976,_____. a. the owner of a copyrighted program is allowed to make multiplecopies or adaptations for use on other computers b. copyright...
-
An investment will pay you $58,000 in seven years. If the appropriate discount rate is 10 percent compounded daily, what is the present value?
-
If the peak voltage value of a signal is 20 times the peak voltage value of the noise, what is the SNR? What is the SNR dB ?
-
The entry to record the payment of $1,200 rent expense would be which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Rent Expense 1,200 Accounts Payable 1,200 b. Cash 1,200 Rent Expense 1,200...
-
Refer to Problems 17.1 and 17.2 for information about the revenue and expenditure cycle activities for Joes ice-cream shop in order to draw an integrated REA diagram of both cycles.
-
10.5 Projecting Revenues, Cost of Goods Sold, and Inventory. Use the following hypothetical data for Walgreens in 2014 and 2015 to project revenues, cost of goods sold, and inventory for Year +1....
-
Jose Loder established Bronco Consulting on August 1, 20Y2. The effect of each transaction and the balances after each transaction for August follow: Instructions 1. Prepare an income statement for...
-
Locate the 2004 financial statements for The Walt Disney Company on the Internet. Use those financial statements and consider the following questions. 1. As illustrated in Exhibit 10-10, Interbrand...
-
The 2004 annual report of Eastman Kodak Company (Kodak) included the following information (all dollar amounts are in millions): 2004 Interest expense . . . . . . . . . . . . . . . . . . . . . . . ....
-
Voeller, the managing partner of the Pay-Out Drive-In Theater, signed a contract to sell to Hodge a small parcel of land belonging to the partnership. Except for the last twenty feet, which were...
-
What are the advantages of electronic data processing in businesses? What have been the disadvantages, especially for auditors?
-
Outline and briefly discuss the types of audit software that may be useful and readily available for the internal auditor. How do these differ in purpose and application from the computer audit tools...
-
What two types of hardware have been helpful to internal auditors?
-
How would you describe the materiality of fraud?
-
Why does management expect internal auditors to be more effective at detecting fraud than external auditors?
-
You see an advertisement by a leading retailing organization for a sales manager whose primary role is to support and lead a department and a team of people to deliver the best store experience for...
-
Compare and contrast licensing and subcontracting.
-
``Calculus of Variations with Applications in Mechanics, by Carroll O. Wilde, UMAP 468. This module provides a brief introduction to finding functions that yield the maximum or minimum value of...
-
Distinguish between the full cost and successful efforts methods of recording exploratory costs for oil and gas properties.
-
In general, how is the cost of internally generated intangibles accounted for?
-
What are the five general categories of intangible assets ?
-
Calculate the hardness of water in units of mg/L of CaCO3 (see equation 15-7) if your titration at pH = 10 resulted in a concentration of 15 mmol/L. Round your answer to the nearest whole number and...
-
How do central banks' monetary policies, such as interest rate adjustments and reserve requirements, influence the deposit-taking behavior of commercial banks, and what are the broader implications...
-
On January 1, the first day of the fiscal year, a member of a nonprofit hospital's board of directors passed away. His will provided a $35,000 contribution to the hospital to upgrade the skills of...
Study smarter with the SolutionInn App