Help calculating depreciation expenses Exercise 7-7 Sandhill Co.has delivery equ

Question

Help calculating depreciation expenses

Exercise 7-7 Sandhill Co.has delivery equipment that cost $53,600 and has been depreciated $23,000,. Prepare a tabular summary to record the disposal under the following assumptions. It was scrapped as having no value. (If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the reduced.) -Liabilities + Stockholders Equity Retained Earnings Cash + Equipment -Accum. Depr.-Equip. +Common StockRevenue Expense Dividend = Bal LINK TO TEXT It was sold for $36,200. (Ifa transaction causes a decrease in Assets, Llabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular A Assets - Liabilities+ Stockholders Equity Retained Earnings Cash + Equipment - Accum. Depr. Equip. - +Common Stock RevenueExpense-Dividend Bal LINK TO TEXT It was sold for $19,300. (If a tra?saction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Assets Liabilities + Stockholders Equity Retained Earnings Cash Equipment - Accum. Depr. -Equip. = + Common Stock RevenueExpense Dividend Bal LINK TO TEXT

Explanation / Answer

Explanation:

Assumption 1 It was scrapped as having no value Assets = Liabilites + Stock holders' Equity Retained Earnings Cash + Equipment - Accum. Depr. On Equip. = + common stock + revenue - expense - dividend Bal. 53600 23000 -53600 -23000 30600 Assumption 2 It was sold for $36,200 Assets = Liabilites + Stock holders' Equity Retained Earnings Cash + Equipment - Accum. Depr. On Equip. = + common stock + revenue - expense - dividend Bal. 53600 23000 36200 -53600 -23000 5600 Assumption 3 It was sold for $19,300 Assets = Liabilites + Stock holders' Equity Retained Earnings Cash + Equipment - Accum. Depr. On Equip. = + common stock + revenue - expense - dividend Bal. 53600 23000 19300 -53600 -23000 11300

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.