Homework Answers
a) Book value =cost - Accumulated depreciation
= 53300-24500
= 28800
| Asset | = | Liabilities | + | Stockholders equity | ||||||||||||
| Retained earning | ||||||||||||||||
| cash | + | Equipment | - | Accumulated depreciation-Equipment | = | + | common stock | + | Revenue | - | expense | - | Dividend | |||
| Bal | 53300 | 24500 | ||||||||||||||
| 0 | -53300 | -24500 | 28800 | loss on Disposal of equipment | ||||||||||||
b)
Book value =cost - Accumulated depreciation
= 53300-24500
= 28800
Gain on sale of equipment = sale value -Book value
= 37300-28800
= 8500
| Asset | = | Liabilities | + | Stockholders equity | ||||||||||||
| Retained earning | ||||||||||||||||
| cash | + | Equipment | - | Accumulated depreciation-Equipment | = | + | common stock | + | Revenue | - | expense | - | Dividend | |||
| Bal | 53300 | 24500 | ||||||||||||||
| 37300 | -53300 | -24500 | 8500 | Gain on sale of equipment | ||||||||||||
c)
Book value =cost - Accumulated depreciation
= 53300-24500
= 28800
Loss on sale of equipment = sale value -Book value
= 19600-28800
=-9200
| Asset | = | Liabilities | + | Stockholders equity | ||||||||||||
| Retained earning | ||||||||||||||||
| cash | + | Equipment | - | Accumulated depreciation-Equipment | = | + | common stock | + | Revenue | - | expense | - | Dividend | |||
| Bal | 53300 | 24500 | ||||||||||||||
| 19600 | -53300 | -24500 | 9200 | Loss on sale of equipment | ||||||||||||
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