Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Explore in-depth answers to your questions from a knowledgeable community of experts across different fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Halbur Company reported the following for its recent year of operation: From the income statement: Depreciation expense $ 1,200 Loss on sale of equipment 2,800 From the comparative balance sheet: Beginning balance, equipment $ 12,900 Ending balance, equipment 8,200 Beginning balance, accumulated depreciation 2,200 Ending balance, accumulated depreciation 2,700 No new equipment was purchased during the year. What was the selling price of the equipment

Sagot :

Zviko

Answer:

$300

Explanation:

From Equipment Account we get :

Cost of Equipment Sold = $12,000 - $8,200 = $3,800

From Accumulated Depreciation Account we get :

Accumulated Depreciation = $2,200 + $1,200 - $2,700 = $700

Using Amounts above to prepare a Disposal Account - Equipment we get :

Cash Proceeds = $3,800 - $700 - $2,800 = $300

Conclusion

The selling price of the equipment $300

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.