The following information comes from the 2004 financial statements of Ford Motor Company (all dollar amounts are in millions):1. Estimate the book value of property and equipment disposed of during 2004.2. Assume that a half-year’s depreciation is taken on all assets acquired and disposed of during the year. Estimate the average depreciation life of Ford’s property and equipment. Assume that none of the disposals was land, and eliminate the land balance when estimating the average depreciation life.3.
Estimate the average age of property and equipment (excluding land) owned by Ford as of December 31,2004.
The following information has been taken from the accounting records Vista Free Corporation.Total net income since incorporation ……… $466,000Total cash dividends paid ………….. 260,000Proceeds from sale of treasury stock ………. 40,000Total value of stock dividends distributed ……. 2,000Total purchases of treasury stock ………. 35,000Unamortized premium on bonds payable ……. 32,000InstructionsDetermine the current balance of retained earnings.
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