SupposeNike Inc.reported the following plant assets and i

SupposeNike Inc.reported the following plant assets and intangible assets for the year ended May 31 2014 (in millions): other plant assets $983.5; land $243.3; patents and trademarks (at cost) $547.4; machinery and equipment $2012.3; buildings $943; goodwill (at cost) $188.9; accumulated amortization $54.1; and accumulated depreciation $2397. Prepare a partial balance sheet for Nike for these items.(List Property Plant and Equipment in order of Land Buildings and Equipment.) Question 2 Match the statement with the term most directly associated with it. Rights privileges and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance The allocation of the cost of an intangible asset to expense in a rational and systematic manner. A right to sell certain products or services or use certain trademarks or trade names within a designated geographic area. Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred. The excess of the cost of a company over the fair value of the net assets acquired. Question 3 Wang Co. has delivery equipment that cost $47610and has been depreciated $23640. Record entries for the disposal under the following assumptions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) It was scrapped as having no value. (b) It was sold for $36860. (c) It was sold for $19880. Question 4 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 $62360and had a useful life of10years with no salvage value. June 30 Sold a computer that was purchased on January 1 2012. The computer cost $35600and had a useful life of4years with no salvage value. The computer was sold for $4910cash. Dec. 31 Sold a delivery truck for $9290cash. The truck cost $24190when it was purchased on January 1 2011 and was depreciated based on a5-year useful life with a $4090salvage value. Question 5 The financial statements ofTootsie Rollare presented below. TOOTSIE ROLL INDUSTRIES INC Question 6 The financial statements ofThe Hershey CompanyandTootsie Rollare presented below. Question 7 At December 31 2014 Navaro Corporation reported the following plant assets. Land $4122000 Buildings $36260000 Less: Accumulated depreciationbuildings 16384950 19875050 Equipment 54960000 Less: Accumulated depreciationequipment 6870000 48090000 Total plant assets $72087050 Question 8 Presented below is an aging schedule for Bosworth Company. Customer Total Not Yet Due Number of Days Past Due 130 3160 6190 Over 90 Aneesh $29000 $10000 $19000 Bird 42100 $42100 Cope 52100 6700 7500 $37900 DeSpears 48500 $48500 Others 134600 93100 31300 10200 $306300 $141900 $48800 $29200 $37900 $48500 Estimated percentage uncollectible 5% 7% 10% 30% 66% Total estimated bad debts $56811 $7095 $3416 $2920 $11370 $32010

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