XYZ began operations on January 1, 2014. Its adjusted trial balance at December 31, 2015 and 2016
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Question:
XYZ began operations on January 1, 2014. Its adjusted trial balance at December 31, 2015 and 2016 is shown below.
Other information regarding XYZ Inc. and its activities during 2016 follow in (1) and (2) :
- Equipment was sold for cash of $47,500.
- Old machinery was sold for cash of $12,800. New machinery was purchased for $49,000 cash.
How do I calculate the 'Loss on sale of equipment' and the 'Gain on sale of machinery' on the year 2016 from the below trail balance sheet accounts given the above transactions:
Year 2016 2015
Equipment 47300 143000
Machinery 73100 116000
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