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Category > Accounting Posted 14 May 2017 My Price 5.00

Fixed Asset Transactions

Fixed Asset Transactions The following is an Equipment account and its associated Accumulated Depreciation account:

Additional data:

1. Machine A was sold at a gain of $900.

2. Machine B was sold for its scrap value of $200.

3. Machine C was acquired during the year.

Required

Analyze the two accounts and show, in journal entry form, the entries that would be made in preparation of the statement of cash flows to reflect all of the changes listed in the accounts.

 

Answers

Alpha Geek
(8)
Status NEW Posted 14 May 2017 03:05 PM My Price 5.00

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file 1494777223-Answer.docx preview (165 words )
F-----------ixe-----------d A-----------sse-----------t T-----------ran-----------sac-----------tio-----------ns -----------The----------- fo-----------llo-----------win-----------g i-----------s a-----------n E-----------qui-----------pme-----------nt -----------acc-----------oun-----------t a-----------nd -----------its----------- as-----------soc-----------iat-----------ed -----------Acc-----------umu-----------lat-----------ed -----------Dep-----------rec-----------iat-----------ion----------- ac-----------cou-----------nt:----------- ----------- Ad-----------dit-----------ion-----------al -----------dat-----------a: ----------- 1.----------- Ma-----------chi-----------ne -----------A w-----------as -----------sol-----------d a-----------t a----------- ga-----------in -----------of -----------$90-----------0. ----------- 2.----------- Ma-----------chi-----------ne -----------B w-----------as -----------sol-----------d f-----------or -----------its----------- sc-----------rap----------- va-----------lue----------- of----------- $2-----------00.----------- 3-----------. M-----------ach-----------ine----------- C -----------was----------- ac-----------qui-----------red----------- du-----------rin-----------g t-----------he -----------yea-----------r. ----------- Re-----------qui-----------red----------- A-----------nal-----------yze----------- th-----------e t-----------wo -----------acc-----------oun-----------ts -----------and----------- sh-----------ow,----------- in----------- jo-----------urn-----------al -----------ent-----------ry -----------for-----------m, -----------the----------- en-----------tri-----------es -----------tha-----------t w-----------oul-----------d b-----------e m-----------ade----------- in----------- pr-----------epa-----------rat-----------ion----------- of----------- th-----------e s-----------tat-----------eme-----------nt -----------of -----------cas-----------h f-----------low-----------s t-----------o r-----------efl-----------ect-----------
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