Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Reconstruct the information in Note 20 using T-accounts for Fixed Assets and Accumulated Depreciation: (Enter your answers in millions rounded to 1 decimal place

image text in transcribed1. Reconstruct the information in Note 20 using T-accounts for Fixed Assets and Accumulated Depreciation: (Enter your answers in millions rounded to 1 decimal place (i.e. 5,500,000 should be entered as 5.5).)

image text in transcribed

P8-7 (Algo) Inferring Activities Affecting Fixed Assets from Notes to the Financial Statements and Analyzing the Impact of Depreciation on Cash Flows LO8-5, 8-7 [The following information applies to the questions displayed below.) The following information is summarized from Note 20 of a recent annual report of Andromidas Airlines. Numbers are in millions of Singapore dollars: Beginning of Year End of Year Additions Disposals Cost Aircraft Other fixed assets (summarized) 18, 270.1 6,859.1 25,129.2 2,427.2 2,290.8 4,718.0 1,750.3 2,429.0 4,179.3 18,947.0 6,720.9 25,667.9 Beginning Impairment of Year Depreciation LOSS End of Year Disposals Accumulated depreciation Aircraft Other fixed assets (summarized) 5,754.2 2,750.9 8,505.1 1,557.1 575.2 2,132.3 57.4 1.9 873.9 329.4 6,494.8 2,998.6 9,493.4 59.3 1,203.3 Andromidas Airlines also reported the following cash flow details: Prior Year 2,560.2 Cash Flow from Operating Activities (in $ millions) Current Year Profit before taxation 1,209.6 Adjustments for Depreciation 2,132.3 Impairment loss 59.3 Loss (gain) on disposal of fixed assets (58.7) Other adjustments (summarized) (1,544.2) Cash generated from operations 1,798.3 1,504.8 6.1 (32.1) 421.9 4,460.9 1. Reconstruct the information in Note 20 using T-accounts for Fixed Assets and Accumulated Depreciation: (Enter your answers in millions rounded to 1 decimal place (i.e. 5,500,000 should be entered as 5.5).) Property, Plant and Equipment Beg. balance Additions Disposals Disposals Accumulated Depreciation Beg. balance Depreciation expense Impairment loss 0.0 End. balance End. balance 0.0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting A Smart Approach

Authors: Mary Carey, Jane Towers Clark, Cathy Knowles

1st Edition

0199587418, 978-0199587414

More Books

Students also viewed these Accounting questions

Question

Tell me what you know about our organization and the position.

Answered: 1 week ago