Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue. Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations: Disposal with no gain no loss : When the asset is disposed with no consideration received. Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation ). Disposal with loss: When the asset is disposed for less than its book value. To record: the journal entry to accumulated depreciation for the equipment

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses $22,400 12,800 Contribution margin 9,600 Fixed expenses 7,968 Net operating income $1,632 What is the degree of operating leverage?

Tech Solutions, Inc. is looking to achieve a net income of 18 percent of sales. Here’s the firm’s profile: Unit sales price is $12; variable cost per unit is $7; total fixed costs are $50,000. What is the level of sales in units required to achieve a net income of 18 percent of sales?

General Accounting

Answer 2

Question

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Answer 6

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

Answer 7

Chapter 9, Problem 9.7BE

a.

To determine

Plant Assets: Plant assets refer to the fixed assets having a useful life of more than a year, which is acquired by a company to be used in its business activities, for generating revenue.

Disposal of Assets: Disposal is an activity of selling the worn-out assets that is no longer in need for the business, in return of some consideration. Disposal may be made in any of the following situations:

Disposal with no gain no loss: When the asset is disposed with no consideration received.

Disposal with gain: When the asset is disposed for more than its book value (original cost less accumulated depreciation).

Disposal with loss: When the asset is disposed for less than its book value.

To record: the journal entry to accumulated depreciation for the equipment

Answer 8

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Answer 9

b.

To determine

To record: the journal entry to record depreciation expenses and disposal of equipment.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - In the fourth year of an assets 5-year useful...

Solution Summary: The author explains how to record the journal entry to accumulated depreciation for the equipment.

Concept explainers

Videos

To record: the journal entry to record depreciation expenses and disposal of equipment.

Want to see the full answer?

Chapter 9 Solutions