Review of Chapters 8 and 9 Albertson's Inc., based in Boise, Idaho, operates nearly 2,500 food and
Question:
Review of Chapters 8 and 9 Albertson's Inc., based in Boise, Idaho, operates nearly 2,500 food and drugstores in 37 states. The company's annual report for fiscal 2003 contained the following ($ in millions): Albertson's, Inc. January 30 January 31 2003 2002 Property, plant, and equipment, at cost $15,187 $15,035 Less accumulated depreciation and amortization 6,158 5,753 Net property, plant, and equipment $ 9,029 $ 9,282 Long-term debt due within 1 year Long-term debt 105 $ 123 4,950 5,060 Purchases of buildings, machinery, and equipment during fiscal 2003 were $1,258 million and depreciation expense was $966 million. (The use of T-accounts should help your analysis.) 1. Compute the dollar amounts of:
a. Accumulated depreciation relating to properties and plants disposed of during fiscal 2003.
b. Original acquisition cost of properties and plants disposed of during fiscal 2003. 2. Compute the dollar amount of the net increase or decrease in long-term debt.
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 0131479725
9th Edition
Authors: Charles T Horngren, John A Elliott