FIXED ASSETS Listed below are T-accounts for total ‘Property and Equipment’ and ‘Accumulated Depreciation’ for Outback. According to the footnotes, accumulated depreciation on the property and equipme...
FIXED ASSETS
Listed below are T-accounts for total ‘Property and Equipment’ and ‘Accumulated Depreciation’ for Outback. According to the footnotes, accumulated depreciation on the property and equipment was $354,395 and $287,181 at the end of 2002 and 2001, respectively. Recreate the T-accounts for the year ended December 31, 2002 by entering the beginning balances, the 2002 activity and the ending balances. The 2002 activity includes only the following:
|
(in thousands) |
Outback Steakhouse |
|
|
Balance Sheet |
||
|
12/31/2002 |
12/31/2001 |
|
|
Assets |
||
|
Current Assets |
||
|
Cash and cash equivalents |
$187,578 |
$115,928 |
|
Short term investments |
$20,576 |
$20,310 |
|
Inventories |
$34,637 |
$38,775 |
|
Other current assets |
$31,386 |
$31,347 |
|
Total current assets |
$274,177 |
$206,360 |
|
Property and equipment, net |
$915,022 |
$813,065 |
|
Other assets |
$200,376 |
$218,323 |
|
Total Assets |
$1,389,575 |
$1,237,748 |
|
Liabilities and Stockholders' Equity |
||
|
Current Liabilities |
||
|
Accounts payable |
$70,724 |
$60,275 |
|
Unearned revenue |
$135,286 |
$116,722 |
|
Income taxes payable |
$15,647 |
$0 |
|
Current portion of long-term debt |
$17,464 |
$12,763 |
|
Total current liabilities |
$239,121 |
$189,760 |
|
Long-term debt |
$14,436 |
$13,830 |
|
Other long-term liabilities |
$83,042 |
$92,314 |
|
Total Liabilities |
$336,599 |
$295,904 |
|
Common Stock, $0.01 par value; 78,750 and 78,554 shares issued at December 31, 2002 and 2001, respectively |
$788 |
$786 |
|
Additional paid-in capital |
$229,459 |
$220,648 |
|
Retained earnings |
$909,677 |
$762,414 |
|
Less Treasury Stock, 2,870 shares and 1,641 shares at December 31, 2002 and 2001, respectively |
($86,948) |
($42,004) |
|
Total stockholders equity |
$1,052,976 |
$941,844 |
|
Liabilities and Stockholders’ Equity |
$1,389,575 |
$1,237,748 |
-
Purchase of property and equipment, $181,798
-
Depreciation, $73,288
-
Sale of property and equipment
Homework Answers
Plant property & Equipment
| Date | Particulars | Debit | credit |
| 1.01.2002 | To Opening balance(813065+287181) | $1100246 | |
| To purchase | $181798 | ||
| By sale ( Balancing Figure) | $12627 | ||
| 31.12.2002 | By Closing Balance(915022+354395) | $1269417 | |
Accumulated Depreciation
| Date | Particulars | Debit | Credit |
| 1.01.2002 | By Opening Balance | $287181 | |
| By Depreciation expense | $73288 | ||
| To reversal of Depreciation due to sale (balancing figure) | $6074 | ||
| 31.12.2002 | To Closing balance | $354395 |
Add Answer to:
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