Homework Answers
ANSWER:
(1)
book value of equipment = historical cost - accumulated depreciation
= $79900 - $50500 = $29400
| Account title | Debit | Credit |
|---|---|---|
|
Accumulated depreciation loss on disposal of equipment Equipment |
$50500 $29400 . |
. . $79900 |
|
Cash accumulated depreciation Loss on sale of equipment Equipment |
$23800 $50500 $5600 . |
. . . $79900 |
|
Cash accumulated depreciation Gain on sale of equipment Equipment |
$32100 $50500 . . |
. . $2700 $79900 |
(2)
asset turnover = net sales/average total assets
= $2850900/$1290000
= 2.21 times
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the amounts.)
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