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Refer to the financial statements of The Home Depot in Appendix A at the end of this

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Refer to the financial statements of The Home Depot in Appendix A at the end of this book.


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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

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answers 1 b 21914 542 2 b 1754 93 3 a 237 explanation 1 The Accumulated Depreciation and Am...View the full answer


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Fundamentals Of Financial Accounting

Fundamentals Of Financial Accounting

ISBN: 9781265440169

7th Edition

Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby

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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.

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