The objective of the fixed asset management function is to manage the purchase, depreciation, and disposal...
The objective of the fixed asset management function is to manage the purchase,
depreciation, and disposal of an organization’s fixed assets. Why or Why not?
Homework Answers
Yes, objective of the fixed asset management function is to manage the purchase,depreciation, and disposal of an organization’s fixed assets.
It tracks fixed assets for motive of financial accounting, preventive maintenance, and theft prevention. For tracking serial numbered asset tags are used. Owner of asset takes inventory with mobile bar code reader, which further produces a report. Many people use fixed scanners for reading bar codes or by fixing radio-frequency identification tag to an asset.
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The objective of the fixed asset management function is to
manage the purchase,
depreciation, and disposal...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
Fixed Asset Discussion: Identify a type of company in your pathway that might purchase fixed assets...
Fixed Asset Discussion: Identify a type of company in your pathway that might purchase fixed assets (see suggestions below). List 5 fixed assets that they might purchase to run their business. Select one depreciable fixed asset. Based on research suggest what the cost, residual value and estimated life might be for that fixed asset. Using your assumptions above, calculate: Straight-line depreciation and book value for each of the first two years Declining Balance depreciation and book value for each of...
A fixed asset with a cost of $31,000 and accumulated depreciation of $27,900 is sold for...
A fixed asset with a cost of $31,000 and accumulated depreciation of $27,900 is sold for $5,270. What is the amount of the gain or loss on disposal of the fixed asset?
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold...
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on disposal of the fixed asset?
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for...
A fixed asset with a cost of $34,636.00 and accumulated depreciation of $31,172.40 is sold for $5,888.12. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,463.60 loss $2,424.52 loss $3,463.60 gain $2,424.52 gain
Fixed Asset Discussion: Identify a type of company in your pathway that might purchase fixed assets...
Fixed Asset Discussion: Identify a type of company in your pathway that might purchase fixed assets (see suggestions below). List 5 fixed assets that they might purchase to run their business. Select one depreciable fixed asset. Based on research suggest what the cost, residual value and estimated life might be for that fixed asset. Using your assumptions above, calculate: Straight-line depreciation and book value for each of the first two years Declining Balance depreciation and book value for each of...
The balance in the accumulated depreciation account related to a specific asset after the disposal of...
The balance in the accumulated depreciation account related to a specific asset after the disposal of the asset is equal to: Select one: a. The cost of disposed asset b. The profit or loss resulting from the sale of the asset c. Zero d. The amount of cash received from sale
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester incurred $1,120 of removal and selling costs on disposal. The equipment cost $350,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $56,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of t...
A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset? Group of answer choices $2000 loss $1,500 loss $3,500 gain $2,000 loss
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $250,200 cash. Manchester...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $250,200 cash. Manchester incurred $1,440 of removal and selling costs on disposal. The equipment cost $450,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $72,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
For each of the following fixed assets, determine the depreciation expense for Year 3: Disposal date is N/A if asset is still in use. Method: SL = Straight-Line; DDB = Double Declining Balance Assume the estimated life is 5 years for each asset. Item Cost Residual Value Purchase Date Disposal Date Depreciation Method Depreciation Expense Year 3 N/A A B C $40,000 $50,000 $60,000 $4,000 $5,000 $2,000 July 1, Year 3 Jan. 1, Year 1 Oct. 1, Year 3 Aug....
Calculator A fixed asset with a cost of $26,000 and accumulated depreciation of $23,400 is sold for $4,420. What is the amount of the gain or loss on disposal of the fixed asset?
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $194,600 cash. Manchester incurred $1,120 of removal and selling costs on disposal. The equipment cost $350,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $56,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
Recording Fixed Asset Disposal Manchester Company sells equipment on June 1, 2021, for $250,200 cash. Manchester incurred $1,440 of removal and selling costs on disposal. The equipment cost $450,000 when it was purchased on January 2, 2018. Its estimated residual value and useful life were $72,000 and 10 years, respectively. Manchester uses straight-line depreciation and records annual depreciation on each December 31. a. Prepare the journal entries needed to record the asset disposal on June 1, 2021. b. Record the...
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