Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The annual report of General Mills, maker of Wheaties, Cherrios, and Betty Crocker baking products, for the year ended May 29, 2011, contained the following

The annual report of General Mills, maker of Wheaties, Cherrios, and Betty Crocker baking products, for the year ended May 29, 2011, contained the following ($ in millions):

May 20, 2011 May 30, 2010
Total Land, buildings, and equipment $7,492.1 $6,949.7
Less: Accumulated depreciation 4,146.2 3,822.0
Net land, buildings, and equipment $3,345.9 $3,127.7

During fiscal 2011, depreciation expense was $472.6 million, and General Mills acquired land, buildinds, and equipment worth $848.8 million. Assume that no given or loss arose from the disposition of land, buildings, and equipment and that General Mills received cash of $158.0 million from such disposals.

Compute (1) the original historical cost of assets sold or retired during fiscal 2011, (2) the amount of accumulated depreciation associated with the assets sold or retired, and (3) the book value of the assets sold or retired.

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

Commercial Energy Auditing Reference Handbook

Authors: Steve Doty

3rd Edition

1498769268, 978-1498769266

More Books

Students also viewed these Accounting questions

Question

Why do you think this is so? LO.1

Answered: 1 week ago