Asset Disposal

Related BrainMass Solutions

• Journal entry for equipment disposal

  The following will include the entry to record disposal: a)Accumulated depreciation Dr. $125,000 b) Loss on disposal of asset $100,000 c)Equipment Cr. $125,000 d) Gain on disposal of asset $25,000 The entry to record the disposal would be to close

• Assets and Completing Tenders

  (a) Explain how an asset can consist of 'nothing'. (b) What do the competing tenders indicate about the concept of asset valuation? In this case the asset is valued based on its disposal capacity.

• Depreciation Method - disposals of production

  During the year of disposal, one-half year's depreciation is charged if the asset is sold after June 30. No depreciation is charged during the year of disposal if the asset is sold before July 1.

• Plant Asset Depreciation and Disposal Entries

  The solution discusses asset depreciation and disposal entries.

• Key Accounting Issues in a Fixed Asset's Life Cycle

  288686 Fixed Asset A fixed asset typically goes through the life cycle of acquisition, usage, and disposal. For each of these stages of the life cycle, discuss one key accounting issue related to a fixed asset the company must address.

• Preparing the journal entry for the scrapping of the jukebox

  Therefore the loss on disposal is just equal to scrap value of the asset. There is no cash realization as the whole asset is destroyed and nothing realized on its disposal or discarding from the books.

• Why ask the following topics at audit? What will you do with

  Recording gain or loss on asset disposal - The amount of gain or loss needs to reconcile with what's reported on the books.

• Recently, Broderick Company experienced a strike that affect

  Debit loss on disposal of building (mill) account. Credit the asset disposal account, which removes the remaining total (loss) from the asset disposal account.

• This post addresses recording the disposal of an asset.

  470434 This post addresses recording the disposal of an asset. On January 1, 2004, Skyline Limousine Co. purchased a limousine at an acquisition cost of $28,000.

• Plant Assets, Depreciation, Disposal, and Depletion

  Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sale. Depletion slides contain an example problem, calculations and a partial end of period balance sheet.