Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please calculate the carrying amounts and these accounts include assets like land, buildings, equipment, and so forth. What is the percentage of the carrying amount

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribed

image text in transcribed

Please calculate the carrying amounts and these accounts include assets like land, buildings, equipment, and so forth. What is the percentage of the carrying amount of each asset to the carrying amount (book value) of the total assets?

Consolidated Statements of Financial Position (in millions of Canadian dollars) Consolidated Statements of Income and Comprehensive Income (in millions of Canadian dollars, except per share amounts) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs, when the recognition criteria are met. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Property, plant and equipment assets are depreciated on a straight-line basis over their estimated useful lives when the assets are available for use. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods and useful lives are reviewed annually and are adjusted for prospectively, if appropriate. Estimated useful lives are as follows: Consolidated Statements of Cash Flows (in millions of Canadian dollars) 8.1 Refer to the notes for details of property, plant, and equipment (fixed assets). List the accounts that comprise the company's property, plant, and equipment (PPE) and their carrying amounts. These accounts include assets like land, buildings, equipment, and so forth. What is the percentage of the carrying amount of each asset to the carrying amount (book value) of the total assets? There are the four kinds of tangible assets and are often referred to as PPE. The are tangible as they have physical substance. The four kinds are; 1. Land (does not depreciate but can be impaired) 2. Buildings, fixtures, and equipment 3. Biological assets 4. Natural Assets The accounts that comprise of Canada Gooses PPE are as follows; - Plant equipment (except moulds) - Footwear moulds - Computer equipment - Leasehold improvements - Show displays - Furniture and fixtures lotes to the Consolidated Financial Statements pril 3, 2022 n -.. 211: Consolidated Statements of Financial Position (in millions of Canadian dollars) Consolidated Statements of Income and Comprehensive Income (in millions of Canadian dollars, except per share amounts) Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs, when the recognition criteria are met. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Property, plant and equipment assets are depreciated on a straight-line basis over their estimated useful lives when the assets are available for use. When significant parts of a fixed asset have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods and useful lives are reviewed annually and are adjusted for prospectively, if appropriate. Estimated useful lives are as follows: Consolidated Statements of Cash Flows (in millions of Canadian dollars) 8.1 Refer to the notes for details of property, plant, and equipment (fixed assets). List the accounts that comprise the company's property, plant, and equipment (PPE) and their carrying amounts. These accounts include assets like land, buildings, equipment, and so forth. What is the percentage of the carrying amount of each asset to the carrying amount (book value) of the total assets? There are the four kinds of tangible assets and are often referred to as PPE. The are tangible as they have physical substance. The four kinds are; 1. Land (does not depreciate but can be impaired) 2. Buildings, fixtures, and equipment 3. Biological assets 4. Natural Assets The accounts that comprise of Canada Gooses PPE are as follows; - Plant equipment (except moulds) - Footwear moulds - Computer equipment - Leasehold improvements - Show displays - Furniture and fixtures lotes to the Consolidated Financial Statements pril 3, 2022 n -.. 211

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_2

Step: 3

blur-text-image_3

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

Modern Auditing And Assurance Services

Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson

6th Edition

1118615247, 9781118615249

More Books

Students also viewed these Accounting questions

Question

Give the ranks of A, B, D, E, F, G, H, K, L, N.

Answered: 1 week ago