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Interpreting аnd Repоrting Prоperty, Plаnt, аnd Equipment (PPE) Expenditures (FSET) General Mills, Inc. (the Cоmpany), is a global consumer foods company. The firm manufactures and sells a wide range of branded products and is a major supplier to the foodservice and baking industries. The company’s core product areas are ready-to-eat cereal, super-premium ice cream, convenient meal solutions, and healthy snacking. The following data are taken from the company’s 2020 annual report. From the balance sheet: ($ millions) May 31, 2020 May 26, 2019 Equipment $6,428.0 $6,548.3 Buildings 2,412.6 2,477.2 Capitalized software 668.5 631.6 Construction in progress 373.5 343.8 Land 66.1 73.6 Equipment under finance lease 5.8 5.7 Buildings under finance lease 0.3 0.3 Total land, buildings, and equipment 9,954.8 10,080.5 Less accumulated depreciation (6,374.2) (6,293.3) Total $3,580.6 $3,787.2 From the income statement ($ millions): 2020 2019 Net sales $17,626.6 $16,865.2 The Company reported depreciation and amortization (not reported separately) expense of approximately $594.7 million in 2020. Estimate the average useful life of its depreciable assets by dividing average depreciable assets by depreciation expense. During 2020, the Company purchased $460.8 million of land, buildings, and equipment for cash. REQUIRED Prepare journal entries to record the asset purchases and the year’s depreciation expense. Ref. Account Debit ($ millions) Credit ($ millions) a. {#1} {#2} b. {#3} {#4}
Cоmputing Depreciаtiоn, Asset Bоok Vаlue, аnd Gain or Loss on Asset Sale (FSET) Sloan Company uses its own executive charter plane that originally cost $1,200,000. It has recorded straight-line depreciation on the plane for 6 full years, with a $120,000 expected salvage value at the end of its estimated 10 year useful life. Sloan disposes of the plane at the end of Year 6. a. Determine the following as of the disposal date: Accumulated depreciation ${#1} Net book value ${#2} b. Using the financial statement effects template, show how the disposal of the plane affects the balance sheet and income statement, assuming that the sales price is: 1. Cash equal to the book value of the plane. 2. $300,000 cash. 3. $900,000 cash. Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Net Sale price options Asset + Assets - Assets = Liabilities + Capital + Capital Revenues - Expenses = Income 1 {#3} {#4} {#5} {#6} {#7} {#8} {#9} {#10} {#11} 2 {#12} {#13} {#14} {#15} {#16} {#17} {#18} {#19} {#20} 3 {#21} {#22} {#23} {#24} {#25} {#26} {#27} {#28} {#29}
Cоmputing аnd Recоrding Prоceeds from the Sаle of PPE The following informаtion was provided in the 2020 10-K of Hilton Worldwide Holdings, Inc. Note 7: Property and Equipment ($ millions) 2020 2019 Property and equipment, gross $832 $889 Accumulated depreciation and amortization (486) (509) Property and equipment, net $346 $380 During the year ended December 31, 2020, we recognized $28 million of impairment losses related to property and equipment, including $4 million for finance lease ROU assets, which reduced the gross carrying value of property and equipment by $119, including finance lease ROY assets by $42 million, and the accumulated depreciation and amortization by $91 million, including finance lease ROU assets by $38 million. Note 7 also revealed that depreciation and amortization expense on property and equipment totaled $57 million in 2020. The statement of cash flows reported that expenditures for property and equipment totaled $46 million in 2020 and that there were neither proceeds nor gain or loss on the sale of property and equipment during the year. 1. Using the information provided, prepare a journal entry and record in the FSET: a. the acquisition of new property and equipment during the year; b. the depreciation and amortization expense for the year; c. the impairment of the company's property and equipment during the year. Account Debit Credit {#1} {#2} {#3} {#4} {#5} {#6} {#7} ($ millions) Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Net Transaction Asset + Assets - Assets = Liabilities + Capital + Capital Revenues - Expenses = Income a. Acquisition of PPE {#8} {#9} {#10} {#11} {#12} {#13} {#14} {#15} {#16} b. Depreciation {#17} {#18} {#19} {#20} {#21} {#22} {#23} {#24} {#25} c. Impairment of PPE {#26} {#27} {#28} {#29} {#30} {#31} {#32} {#33} {#34}