Homework Answers
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||
| = | + | Retained earnings | ||||||||||||
| Cash | + | Equipment | - | Accumulated depreciation - equipment | = | + | Common stock | + | Revenue | - | Expenses | - | Dividend | |
| 82,640 | 38,770 | = | ||||||||||||
| 4,250 | = | 4,250 | ||||||||||||
| 20,440 | -82,640 | 43,020 | = | 19,180 | ||||||||||
Accumulated depreciation till the date of sale = 38,770 + 4,250
= $43,020
Book value of equipment at the date of sale = Cost price - Accumulated depreciation
= 82,640 - 43,020
= $39,620
Loss on sale of equipment = Book value of equipment at the date of sale - Sale price of equipment
= 39,640 - 20,440
= $19,180
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