Following are selected disclosures from Cabela's (an outdoor adventure superstore): PROPERTY AND EQUIPMENT (in thousands) Land and improvements Buildings and improvements Furniture, fixtures and equipment Assets held under capital lease Property and equipment Less accumulated depreciation and amortization Construction in progress Depreciable Life in Years Up to 20 7 to 40 3 to 15 Up to 30 2013 $216,826 780,116 643,394 15,611 1,655,947 (550,101) 1,105,846 181,699 $1,287,545 b. Do you believe that Cabela's balance sheet reflects all of the company's operating assets? 2012 $185,916 640,666 551,904 13,255 1,391,741 (473,847) 917,894 103,762 $1,021,656 Required: a. Compute the PPE turnover for 2013 (Total revenue in 2013 is $3,205,632 thousand). Does the level of its PPE turnover suggest that Cabela's is capital intensive? (Hint: The median PPE turnover for all publicly traded companies is approximately 1.3.) d. Assuming that Cabela's uses straight-line depreciation, estimate the useful life of its depreciable PPE assets. c. Cabela's reported depreciation expense of $93,407 thousand in 2013. How much of this related to Land and improvements? How much of this expense related to Construction in progress? Explain. e. By what percentage are Cabela's assets "used up" at year-end 2013? What implication does the assets-used-up ratio have for forecasting Cabela's cash flows?