Question

Describe the entries needed to record the disposal of an asset which has not been fully...

Describe the entries needed to record the disposal of an asset which has not been fully depreciated.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The entries that needed to be record when the assets are disposed includes:

Assets disposed on gain.

Example: An asset of $100000 is disposed off for $35000 and have depreciated to $70000.

Entry for this will include:

The other entry is when the asset is disposed off on loss, i.e. when the sale value is less than the book value

Example: The machine which cosed 100000 and depreciated of 70000 was sold for 25000

The third entry is when the machine is sold for no profit and no loss

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 5: (Plant asset is fully depreciated) Omar Enterprises retires its computer printers, which cost $38,000....
Question 5: (Plant asset is fully depreciated) Omar Enterprises retires its computer printers, which cost $38,000. The accumulated depreciation on these printers is $38,000. Prepare the entry to record this retirement. Date Debit Credit Question 6: (Plant asset is not fully depreciated) Omar Enterprises retires its computer printers, which cost $40,000. The accumulated depreciation on these printers is $30,000. Prepare the entry to record this retirement. There is a loss = Date Debit Credit
Blue Spruce Co. has equipment that costs $79,200 and that has been depreciated $50,300. Record the...
Blue Spruce Co. has equipment that costs $79,200 and that has been depreciated $50,300. Record the disposal under the following assumptions. (a) It was scrapped as having no value. (b) It was sold for $20,200. (c) It was sold for $36,400. No. Account Titles and Explanation Debit Credit Can you show how you got these numbers, Thank you No. Accounts Titles and Explanation Debit Credit a) Loss on Sale Equipment 28900       Accum. Depreciation- Equipment 50300    Equipment 79200 b)...
How would you describe the entries to record the disposition of accounts receivable? What is their...
How would you describe the entries to record the disposition of accounts receivable? What is their function?
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $220,800, has an...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $220,800, has an estimated useful life of 10 years and an estimated residual value of $28,800. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3 $ b. What was the book value of the equipment on January 1 of Year 4? $ c. Assuming that the equipment...
Machinery costing $123,000 with zero salvage value is no longer useful to the company and has...
Machinery costing $123,000 with zero salvage value is no longer useful to the company and has no market value. If the machinery has been fully depreciated at the time of disposal, the entry to record the disposal would be: Cash 123,000 Machinery 123,000 Machinery 123,000 Accumulated Depreciation - Machinery 123,000 Accumulated Depreciation - Machinery 123,000 Depreciation Expense 123,000 Accumulated Depreciation - Machinery 123,000 Machinery 123,000 Depreciation Expense 123,000 Machinery 123,000
Assignment: Present entries to record the following for a business that uses the Allowance Method: Record...
Assignment: Present entries to record the following for a business that uses the Allowance Method: Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500 In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off....
How would you describe the entries to record the disposition of accounts receivable? What is their...
How would you describe the entries to record the disposition of accounts receivable? What is their function? Post a 100-200 word response by clicking on Reply. Be sure to participate during the week in continued discussions with your fellow classmates.
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $141,540,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $141,540, has an estimated useful life of 16 years, has an estimated residual value of $8,900, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ b. Assuming that the equipment was sold on April 1 of the fifth year for 99,442. 1. Journalize the entry to record depreciation...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $174,340,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $174,340, has an estimated useful life of 17 years, has an estimated residual value of $9,950, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ b. Assuming that the equipment was sold on April 1 of the fifth year for 127,727. 1. Journalize the entry to record depreciation...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $105,310,...
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $105,310, has an estimated useful life of 12 years, has an estimated residual value of $7,150, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? $ 72,590 b. Assuming that the equipment was sold on April 1 of the fifth year for 63,680. 1. Journalize the entry to record...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT