Refer to Gildan Activewear Inc.'s (Gildan's) financial statements in Appendix A at the end of this book

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Refer to Gildan Activewear Inc.'s (Gildan's) financial statements in Appendix A at the end of this book and on MyAccountingLab, and answer the following questions.
1. With respect to manufacturing operations (PPE), which amortization/depreciation method does Gildan use for the purpose of reporting to shareholders and creditors in the financial statements? What rates are used, and where did you find your answer?
2. What was the total amount of depreciation expense (before adjustments) for 2011 as shown in Note 20?
3. Gildan lists goodwill and intangible assets on the balance sheet. Where do you find more information about them? What types of intangible assets does Gildan have?
4. Note 1 (i), "Significant Accounting Policies" in the notes to the financial statements includes the subsection "Impairment of Long-Lived Assets." Explain the meaning of this subsection, and give an example of when it is used.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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