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Week 2 WileyPLUS P8-3A BE9-11 DO IT! 9-5 E9-7 E9-8 BYP 9-1 BYP 9.2 P9-2A  Brief Exercise 9-11 Suppose  Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $909.1; land $219.7; patents and trademarks (at cost) $525.2; machinery and equipment $2,115.0; buildings $955; goodwill (at cost) $199.2; accumulated amortization $49.3; and accumulated depreciation $2,228.Prepare a partial balance sheet for Nike for these items.  Do It! Review 9-5Match the statement with the term most directly associated with it.1. Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.2. The allocation of the cost of an intangible asset to expense in a rational and systematic manner.3. A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.4. Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.5. The excess of the cost of a company over the fair value of the net assets required.  E9-7 Wang Co. has delivery equipment that cost $53,220 and has been depreciated $24,560.Record entries for the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for $37,390.(c) It was sold for $19,530.  E9-8 Here are selected 2014 transactions of Cleland Corporation.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $61,860 and had a useful life of 10 years with no salvage value.June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $35,600 and had a useful life of 4 years with no salvage value. The computer was sold for $4,080 cash.Dec. 31 Sold a delivery truck for $9,010 cash. The truck cost $24,280 when it was purchased on January 1, 2011, and was depreciated based on a 5-year useful life with a $3,370 salvage value.Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Cleland Corporation uses straight-line depreciation.  BYP 9-1 Tootsie Roll Broadening Your Perspective 9-1The financial statements of  Tootsie Roll are presented below.What were the total cost and book value of property, plant, and equipment at December 31, 2011?  (Enter the amounts in thousands.) Total costBook valueWhat was the amount of depreciation expense for each of the 3 years 2009–2011? (Hint: Use the statement of cash flows.)  (Enter the amounts in thousands.) Depreciation200920102011 Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased (capital expenditures) in 2011 and 2010?  (Enter the amounts in thousands.)   Broadening Your Perspective 9-2The financial statements of  The Hershey Company and  Tootsie Roll are presented below.Based on the information in these financial statements and the accompanying notes and schedules, compute the following values for each company in 2011.(1) Return on assets.(2) Profit margin (use “Total Revenue”).(3) Asset turnover. P9-2A At December 31, 2014, Navaro Corporation reported the following plant assets.Land                                                                                                    $ 4,473,000Buildings                                                                     $30,940,000Less: Accumulated depreciation—buildings                17,780,175      13,159,825Equipment                                                                   59,640,000Less: Accumulated depreciation—equipment  7,455,000        52,185,000Total plant assets                                                                                 $69,817,825 During 2015, the following selected cash transactions occurred.Apr. 1 Purchased land for $3,280,200.May 1 Sold equipment that cost $894,600 when purchased on January 1, 2008. The equipment was sold for $253,470.June 1 Sold land for $2,385,600. The land cost $1,491,000.July 1 Purchased equipment for $1,640,100Dec. 31 Retired equipment that cost $1,043,700 when purchased on December 31, 2005. No salvage value was received.Journalize the transactions. Navaro uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.Record adjusting entries for depreciation for 2015.Prepare the plant assets section of Navaro’s balance sheet at December 31, 2015. ( Hint: You may wish to set up T accounts, post beginning balances, and then post 2015 transactions.)Presented below is an aging schedule for Bosworth Company.  P8-3A Presented below is an aging schedule for Bosworth Company.Number of Days Past DueCustomer         Total                Not Yet Due    1–30                31–60              61–90  Over 90Aneesh                        $ 26,000                                  $ 11,000          $15,000          Bird                 46,500             $ 46,500Cope                64,500             7,500               8,200                           $48,800DeSpears         40,600                                                                                     $40,600Others              131,000                       82,400             34,700             13,900$308,600         $136,400         $53,900                       $28,900                       $48,800           $40,600Estimated percentage uncollectible                                                3%       8%       11%     20%     63%Total estimated bad debts$ 46,921          $ 4,092                        $4,312             $3,179 $ 9,760            $25,578 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,200.

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