**Attached are pictures of the statements to help with this assignment** The maj

Question

**Attached are pictures of the statements to help with this assignment**

The majority of long-term assets consist of property, plant, and equipment and intangibles. These assets are capitalized on the balance sheet and depreciated on the income statement over their estimated useful lives.

Refer to the annual report of the company you've selected (BUCKLE INC.) to analyze. Research and answer the following:

1.What are the balances of net property, plant, and equipment on December 31, 2009 and 2010?

2.Referring to the notes to the financial statements, what depreciation methods did the company use? What were the estimated useful lives of the assets? What kinds of intangible assets does the company own?

3.What was the percent of net fixed assets compared to total assets for the company for 2009 and 2010?

Explanation / Answer

Land (location of the corporation's office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 (Assets, not included) Equipment 450,000 Office Furniture 100,000 Accumulated Depreciation 300,000 (minus) So, $100,000 + 150,000 + 600,000 + 450,000 + 100,000 - 300,000 = $1,100,000

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