The 2011 financial statements for Leggett & Platt, Inc. report the following inf
ID: 2648179 • Letter: T
Question
The 2011 financial statements for Leggett & Platt, Inc. report the following information:
Year ended December 31,
2011
2010
(In millions)
Depreciation and amortization expense
$ 98.1
$ 103.0
Property and equipment, net
580.6
624.2
Land
45.2
48.5
Accumulated depreciation and amortization
1,193.2
1.173.9
(Be careful
Year ended December 31,
2011
2010
(In millions)
Depreciation and amortization expense
$ 98.1
$ 103.0
Property and equipment, net
580.6
624.2
Land
45.2
48.5
Accumulated depreciation and amortization
1,193.2
1.173.9
Explanation / Answer
Answer:
a. Assets Used up % = Net Assets / Gross Assets
Net Assets = 580.6
Gross Assets = Net Assets + Accumulated depreciation = 580.6 + 1193.2 = 1773.80
Hence Assets used up % = 580.6 / 1773.80
= 0.3273 = 32.73%
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.