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Question

$6.00 financial accounting assignment

Asked by :
bladowlisa
bladowlisa
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Q:

For Ruby.

Can you please help? I messed it up...

Pets Unlimited had a piece of equipment that it purchased 10 years ago. Its
cost was $110,000 and it had accumulated depreciation of $75,000.

 

Requirements:
Use the following Excel Template to record
the disposition of the asset under the following independent situations:

  • Pets Unlimited sold the equipment for $25,000.

 

  • Pets Unlimited discarded the equipment at a cost of $10,000.

 

  • Pets Unlimited traded in the asset for a new similar asset with a list price
    of $120,000. Pets Unlimited was given $10,000 as a trade-in allowance and paid
    cash for the balance.

 

  • Pets unlimited traded in the asset for a new similar asset with a list price
    of $200,000. Pets Unlimited was given a trade-in allowance of $50,000 and signed
    a note payable for the remainder.

 

 
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  • Posted on Jul 10, 2012 at 5:48:55PM
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for bladowlisa.xlsx (13K)
 
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  • Posted on Jul 10, 2012 at 5:59:31PM
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  • Posted on Jul 10, 2012 at 9:28:22PM
Posted by :
ruby_CpaMba
 
A:
Preview: ... + 35,000 loss on disposal = $ 45,000   3.   Loss on disposal = (book value of  old equipment + cash paid) - Cost of New Equipment Loss on disposal = (35,000 + 110000**) - 120, ...
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lbladow_Financial Accounting II Assignment Accounting for the Disposal of Fixed Assets_71012.xlsx (14K)
 
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  • Posted on Jul 10, 2012 at 9:52:52PM
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Manoj7799
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Solution to Financial Accounting II Assignment Accounting for the Disposal of Fixed Assets.xlsx (12K)