Sale of Assets at Gain or Loss: Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business. TheJournal entries for the sale of assets.

Question

Want to see the full answer?

Answer 1

Question

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Compute the manufacturing overhead rate for the year of this accounting question?

Hello tutor please provide correct answer general Accounting

solve fast

Answer 2

Question

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Answer 6

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Answer 7

Chapter 10, Problem S10.9SE

To determine

Sale of Assets at Gain or Loss:

Sale of the assets means the asset has been disposed of which he have fetched a realizable value (sale value less selling expense). When Realizable value has been received and it is more than book value of the asset (cost of asset as deducted by accumulated depreciation on date of sale), then the difference shall be recorded as gain on sale of assets and if the realizable value of assets is less than the book value, then the difference shall be recorded as loss on sale of assets. However, on sale of assets both the asset account and its related accumulated depreciation account shall be closed in the books, as the assets seized to exist in the business.

TheJournal entries for the sale of assets.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 10 - Prob. 1QC Ch. 10 - Prob. 2QC Ch. 10 - Which method almost always produces the most...Ch. 10 - A Celty Airline jet costs $28,000,000 and expected...Ch. 10 - Prob. 5QC Ch. 10 - Prob. 6QC Ch. 10 - Prob. 7QC Ch. 10 - Prob. 8QC Ch. 10 - Prob. 9QC Ch. 10 - Prob. 10AQC

Concept explainers

Videos

Want to see the full answer?

Chapter 10 Solutions