Please help me Assume the following property and equipment footnote was obtained from the Flowers Industries 2016 10-K.Property and Depreciation - A summary of property and equipment at October 31 follows:($ millions)Equipment OperationsLandBuildings and buildingequipmentMachinery and equipmentDies, patterns, tools, etcAll otherConstruction in progressTotal at costLess accumulated depreciationTotalAverage UsefulLives (Years)2510752016$ 892,5901,7496203,960 2,8692859,2932015$4,565$85Estimate the percent used up of Flowers depreciable assets.1,5201,087580151(4,728) (3.722)6,292$ 2,570

1. Formula to calculate percent (%) used up of flowers depreciable Assets : = Accumulated…

Answered: Estimate the percent used up of Flowers…

Business

Accounting

Estimate the percent used up of Flowers depreciable assets.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 11SPA: DISPOSITION OF ASSETS: JOURNALIZING Mitchell Parts Co. had the following plant asset transactions...

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Question

Please help me

Assume the following property and equipment footnote was obtained from the Flowers Industries 2016 10-K.
Property and Depreciation - A summary of property and equipment at October 31 follows:
($ millions)
Equipment Operations
Land
Buildings and building
equipment
Machinery and equipment
Dies, patterns, tools, etc
All other
Construction in progress
Total at cost
Less accumulated depreciation
Total
Average Useful
Lives (Years)
25
10
7
5
2016
$ 89
2,590
1,749
620
3,960 2,869
285
9,293
2015
$4,565
$85
Estimate the percent used up of Flowers depreciable assets.
1,520
1,087
580
151
(4,728) (3.722)
6,292
$ 2,570

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DISPOSITION OF ASSETS: JOURNALIZING Mitchell Parts Co. had the following plant asset transactions during the year: 1. Assets discarded or sold: Jan. 1 Motor #12, which had a cost of 2,800 and accumulated depreciation of 2,800, was discarded. 8 Motor #8, which had a cost of 4,400 and accumulated depreciation of 4,000, was sold for 200. 14 Motor #16, which had a cost of 5,600 and accumulated depreciation of 5,400, was sold for 450. 2. Assets exchanged or traded in: Feb. 1 Motor #6, which had a cost of 6,000 and accumulated depreciation of 4,800, was traded in for a new motor (#22) with a fair market value of 7,000. The old motor and 5,600 in cash were given for the new motor. 9 Motor #9, which had a cost of 5,500 and accumulated depreciation of 5,000, was traded in for a new motor (#23) with a fair market value of 6,500. The old motor and 6,200 in cash were given for the new motor. REQUIRED Prepare general journal entries for the transactions.