Needles/Powers 2002e Financial and Managerial Accounting

Needles Accounting Resource Center

Financial & Managerial Accounting , 2002 Edition
Belverd E. Needles, Jr., DePaul University
Marian Powers, Northwestern University
Susan Crosson, Santa Fe Community College


	Toys'R'Us Annual Report Activities Chapter 10 Retail Method and Inventory Ratios 1. Refer to the consolidated balance sheets and to the note on property and equipment in the Notes to Consolidated Financial Statements in the Toys "R" Us Annual Report to answer the following questions: a. What percentage of total assets was property and equipment as of February 3, 2001? b. What is the most significant type of property and equipment? c. Does Toys "R" Us have significant investment in land? d. What kinds of things are included in the "Other, net" category? (Ignore leased property under capital leases for now.) 2. In the Notes to Consolidated Financial Statements, refer to the summary of significant accounting policies and to the note on property and equipment in the Toys "R" Us Annual Report to answer the following questions: a. What method of depreciation does Toys "R" Us use? b. How is interest on construction of long-term assets accounted for? c. How long does management estimate its buildings to last as compared to furniture and equipment? d. What does this say about Toys "R" Us's need to remodel its stores? 3. Refer to the statement of cash flows in the Toys "R" Us Annual Report to answer the following questions: a. How much did Toys "R" Us spend on property and equipment (capital expenditures, net) for the year ended February 3, 2001? b. Is this an increase or a decrease from previous years? 4. Refer to "Restructuring and Other Charges" in the annual report's Notes to the Financial Statements to answer the following questions: a. How much of a charge did Toys "R" Us take for asset impairment? b. What long-lived assets were reduced to fair value? c. How does this affect the assets and earnings of the firm? Either print out your answers for submission or email them to your instructor.





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