Reitmans (Canada) Limited reported the following selected information as at February 2, 2013 (in thousands): Accumulated depreciation-buildings.............................................
Question:
Reitmans (Canada) Limited reported the following selected information as at February 2, 2013 (in thousands):
Accumulated depreciation-buildings............................................. $ 22,467
Accumulated depreciation-fi xtures and equipment.............................. 85,936
Accumulated depreciation-leasehold improvements............................ 101,961
Accumulated amortization-soft ware................................................10,191
Amortization expense ....................................................................5,080
Buildings .................................................................................53,149
Depreciation expense ...................................................................53,047
Fixtures and equipment ...............................................................166,756
Goodwill .................................................................................42,426
Land .......................................................................................5,860
Impairment loss ..........................................................................2,128
Leasehold improvements ............................................................189,730
Operating leases .......................................................................494,752
Reversal of impairment loss ..............................................................600
Soft ware (intangible assets) .........................................................28,916
Trademarks .................................................................................499
Instructions
(a) Identify in which financial statement (statement of financial position, income statement, or neither) and which section of the statement each of the above items should be reported.
(b) Prepare the long-lived assets section of the statement of financial position.
Intangible AssetsAn 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...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine