Please do not give solution in image format thanku Computing Asset Related RatiosJ.M. Smucker included the following information in its April 2019 10-K.$ millionsApr. 30, 2019 Apr. 30, 2018$7,916.4208.1123.3912.2SalesDepreciation expenseLandBuildings and fixturesMachinery and equipmentConstruction in progressGross property, plant, and equipmentAccumulated depreciationTotal property, plant, and equipment2,250.6325.03,611.1(1,635.9)$1,975.2$121.3820.72,174.8214.23,331.0(1,542.5)$1,788.5a. Compute PPE turnover for fiscal year ended April 30, 2019.Round answer to one decimal place.0b. Compute the average useful life of depreciable assets at April 30, 2019.Round answer to one decimal place.0years

Solution (a) We are provided with the following information Sales = $ 7,916.4 Total PPE of 2019 = $…

Answered: Computing Asset Related Ratios J.M.…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 Sales $7,838.0 Depreciation expense 206.0 Land 122.1 $120.1 Buildings and fixtures 903.2 812.6 Machinery and equipment 2,185.0 2,111.5 Construction in progress 321.8 212.1 Gross property, plant, and equipment 3,532.1 3,256.3 Accumulated depreciation (1,619.7) (1,527.2) Total property, plant, and equipment $1,912.4 $1,729.1 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place.Answer b. Compute the average useful life of depreciable assets at April 30, 2019.Round answer to one decimal place.Answer yearsc. Compute the percentage used up of the PPE at April 30, 2019.Round answer to one decimal place (ex: 0.2345 = 23.5%)
Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 Sales $7,916.4 Depreciation expense 208.1 Land 123.3 $121.3 Buildings and fixtures 912.2 820.7 Machinery and equipment 2,250.6 2,174.8 Construction in progress 325.0 214.2 Gross property, plant, and equipment 3,611.1 3,331.0 Accumulated depreciation (1,635.9) (1,542.5) Total property, plant, and equipment $1,975.2 $1,788.5 a. Compute PPE turnover for fiscal year ended April 30, 2019.Round answer to one decimal place.Answerb. Compute the average useful life of depreciable assets at April 30, 2019.Round answer to one decimal place.Answer yearsc. Compute the percentage used up of the PPE at April 30, 2019.Round answer to one decimal place (ex: 0.2345 = 23.5%)Answer%
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.
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Balance Sheet and Notes Listed here in random order are Wicks Construction Limiteds balance sheet accounts and related ending balances as of December 31, 2019: Additional information: 1. The company reports on the balance sheet the total amount for inventories and the net book value of property, plant, and equipment, with the related details for each account disclosed in notes. 2. The straight line method is used to depreciate buildings, machinery, and equipment, based upon their cost and estimated residual values and lives. A breakdown of property, plant, and equipment shows the following: land at a cost of 32,000, buildings at a cost of 182,400 and a net book value of 120,200, machinery at a cost of 63,900, and related accumulated depreciation of 18,600, and equipment (40% depreciated) at a cost of 53,000. 3. Patents are amortized on a straight line basis directly to the Patent account. 4. Inventories are listed at the lower of cost or market value using an average cost. The inventories include raw-materials, 22,200; work in process, 34,700; and finished goods, 41,600. 5. Common stock has a 10 par value per share, 12,000 shares are authorized, and 6,280 shares have been issued. 6. Preferred stock has a 100 par value per share, 1,000 shares are authorized, and 400 shares have been issued. 7. The investment in bonds is carried at the original cost, which is the face value, and is being held to maturity. 8. Short-term investments in marketable securities were purchased at year-end. 9. The bonds payable mature on December 31, 2024. 10. The company attaches a 1-year warranty on all the products it sells. Required: 1. Prepare Wicks Constructions December 31, 2019, balance sheet (including appropriate parenthetical notations). 2. Prepare notes to accompany the balance sheet that itemize company accounting policies; inventories; and property, plant, and equipment. 3. Next Level Compute the current ratio and the quick ratio. How do these two ratios provide different information about the companys liquidity? Why are these ratios useful?
P10.5A Journalise a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2021. Grand Regency Limited reported the following as Non-current tangible assets: 4,000,000 16,400,000 June 11 July 1 Dec. 31 Land Buildings Less: Accumulated depreciation - buildings Equipment Less: Accumulated depreciation - equipment Total plant assets During 2022, the following selected cash transactions occurred. April 1 Purchased land for R2,130,000. May 1 (b) (c) (d) 28,500,000 12,100,000 48,000,000 5,000,000 Required: (a) 43,000,000 £63,400,000 Sold equipment that cost R750,000 when purchased on January 1, 2018. The equipment was sold for R450,000. Sold land purchased on June 1, 2012 for R1,500,000. The land cost R400,000. Purchased equipment for R2,500,000. Retired equipment that cost R500,000 when purchased on December 31, 2012. No salvage value was received. Prepare general journal entries the above transactions. The company uses straight-line…
The balance sheet of Alpha Ltd on 31/12/21 is the following ASSETS Plot of land Building Depreciation Vehicle Depreciation. Furniture Depreciation Participations Total fixed assets. Goods Goods in pledge Customers Downpayment to suppliers Prepaid expenses Available Funds Circulating Assets Total assets 31/12/2021 40.000 200.000 -40.000 80.000 -75.000 95.000 -72.000 85.000 313.000 60.000 20.000 30.000 20.000 20.000 107.000 257.000 570.000 31/12/2022 Liabilities Equity (stock price 3€) Statutory Reserves Premium Reserve New result Total Foreign Capitals Long term Loan Bills payable Suppliers Loan with pledged goods Customers' downpayments Expenses payables Prepaid revenues Total Predictions Total liabilities 31/12/2021 180.000 60.000 20.000 -30.000 230.000 120.000 40.000 50.000 14.000 20.000 30.000 20.000 294.000 46.000 570.000 During the use of 2022, the following transactions took place. Sale of goods with value EUR 80,000 and cost EUR 35,000, 80% of them paid by cash and the rest with…
Determine the Depreciation Expense for the calendar year 2019 on the following non - current assets of ABC Company based on straight line method of depreciation: Acquisition Salvage Est. Asset Cost Depreciation Date Value Life Computer Jun 01, 2019 P70,000 P10,000 4 ||
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