Chapter 11 Financial Reporting Problem | Eastern Kentucky University - Edubirdie

University:
Eastern Kentucky University
Course:
ACC 301 | Intermediate Accounting I
Academic year:

2021
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373

Pages:

1
Author:

sonalhava9qv

FINANCIAL REPORTING PROBLEM (a) P&G classifies its property, plant and equipment as “Property Plant, and equipment, net”, with additional details in the notes. (b) P&G’s “depreciation expense is recognized over the assets’ estimated useful lives using the straight-line method.” (c) P&G depreciates its assets based on estimated useful lives of 15 years for machinery and equipment, 3 to 5 years for computer equipment and capitalized software, and 3 to 20 years for manufacturing equipment. Buildings are depreciated over an estimated useful life of 40 years. (d) P&G’s Statement of Cash Flows reports depreciation and amortization of $3,141 million in 2014, $2,982 million in 2013, and $3,204 million was charged to expense in 2012. (e) The statement of cash flows reports the following capital expenditures: 2014, $3,848 million; 2013, $4,008 million; and 2012, $3,964 million. LO: 1, 2, Bloom: AN, Difficulty: Simple, Time: 15-20, AACSB: Analytic, Communication, AICPA BB: None, AICPA FC: Reporting, Research, AICPA PC: Communication 11-65

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