Question

During the period, Teen’s Trends sold some excess equipment at a loss. The following information was collected from the company’s accounting records:
From the income statement
Depreciation expense .......... $ 500
Loss on sale of equipment ....... 4,000
From the balance sheet
Beginning equipment .......... 12,500
Ending equipment .......... 6,500
Beginning accumulated depreciation .... 2,000
Ending accumulated depreciation ...... 2,200

No new equipment was bought during the period.

Required:
For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash received from the sale.



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  • CreatedFebruary 27, 2015
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