The Boston Beer Company's 2020 financial report discloses the following information: Property, plant and equipment at the end of fiscal December 25, 2020 and December 26, 2019 are as follows: (unit: $1,000) years 2020 2019 $ 43,706 $47,591 Containers Machinery and plant equipment126,136 |118,711 Office equipment and furniture 12,367 Leasehold improvement 10,813 3,899 3,887 25,176 22,645 21,617 234,012 227,795 80,774 $142,889 $147,021 Land 25,259 Buildings (-) Accumulated Depreciation 91,123 The Company recorded depreciation expenses related to the above assets of $17.3 million and $16.8 million for the year ended December 25, 2020 and December 26, 2019. In addition, The Boston Beer Company's 2020 financia report discloses the following information: 25/12/2020 26/12/2019 Cash flows for investing activities + Purchses of property, plant and equipment. + Proceeds on disposal of property, plant and equipment. The note also states that the company has written off $300 of the cost of assets. |(13,608) (16,997) 20 8 Required: 1. Present a T- accounts: Property, plant, equipment (PPES) and Accumulated depreciation account of 2020 2. Prepare the journal entries for 2018 related to the sale of Boston's PPE in 2020
The Boston Beer Company's 2020 financial report discloses the following information: Property, plant and equipment at the end of fiscal December 25, 2020 and December 26, 2019 are as follows: (unit: $1,000) years 2020 2019 $ 43,706 $47,591 Containers Machinery and plant equipment126,136 |118,711 Office equipment and furniture 12,367 Leasehold improvement 10,813 3,899 3,887 25,176 22,645 21,617 234,012 227,795 80,774 $142,889 $147,021 Land 25,259 Buildings (-) Accumulated Depreciation 91,123 The Company recorded depreciation expenses related to the above assets of $17.3 million and $16.8 million for the year ended December 25, 2020 and December 26, 2019. In addition, The Boston Beer Company's 2020 financia report discloses the following information: 25/12/2020 26/12/2019 Cash flows for investing activities + Purchses of property, plant and equipment. + Proceeds on disposal of property, plant and equipment. The note also states that the company has written off $300 of the cost of assets. |(13,608) (16,997) 20 8 Required: 1. Present a T- accounts: Property, plant, equipment (PPES) and Accumulated depreciation account of 2020 2. Prepare the journal entries for 2018 related to the sale of Boston's PPE in 2020
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 8MC
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