(Learning Objectives 2, 3, 6: Analyzing PPE transactions from a companys fi nancial statements) Floral, Inc., sells...
Question:
(Learning Objectives 2, 3, 6: Analyzing PPE transactions from a company’s fi nancial statements) Floral, Inc., sells electronics and appliances. The excerpts that follow are adapted from Floral’s fi nancial statements for 20X6 and 20X5.
❙ Requirements 1. How much was Floral’s cost of PPE at February 28, 20X6? How much was the book value of PPE? Show computations.
2. The fi nancial statements give three pieces of evidence that Floral purchased PPE and goodwill during fi scal year 20X6. What are they?
3. Prepare T-accounts for Property, Plant and Equipment; Accumulated Depreciation; and Goodwill. Then show all the activity in these accounts during 20X6. Label each increase or decrease and give its dollar amount. During 20X6, Floral sold PPE that had cost the company $76 million (accumulated depreciation on these assets was $60 million). Assume there were no losses on goodwill during 20X6.
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