Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. equipment t-account analysis the following informa

Equipment T-Account Analysis The following information was taken from the records of S&W Corporation: ...

50.1K

Verified Solution

Question

Accounting

Equipment T-Account Analysis The following information was taken from the records of S&W Corporation:

  1. Reconstruct the journal entry that recorded the sale of equipment during Year 2. Assume that asset sale occurred at the end of Year 2.
  2. How much equipment was purchased during Year 2?

image

accumulated depreciation is supposed to be 3100 not sure how to get there

\begin{tabular}{lrr} Balance Sheet & Year2 & Year1 \\ Equipment & $26,900 & $23,400 \\ Less:Accumulated Depreciation & 10,500 & 9,800 \\ Net Book Value & 16,400 & $13,600 \\ IncomeStatement & & \\ Depreciation Expense & $3,800 & $3,500 \\ Loss on Sale of Equipment & 900 & 0 \\ Statement of Cash Flows & & \\ Cash Received on Sale of Equipment & $4,300 & 0 \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Carland, Inc., has a project available with the following cash flows. If the required return for...

Finance
Q

A power transmission line feeds input power at 2300 V to a step down transformer...

Physics
Q

Electricity Chemicals Internal Combustion Engine 1900 1950 Petro Chemicals Electronics Aviation 1950 1990 1990 present...

Basic Math
Q

2% of a group of toys are defective. A random sample of 100 toys is...

Basic Math
Q

If f x 8x arcsin x find f x Find f 0 7

Calculus
Q

Using the table above, calculate Cost of Goods Sold and Ending Inventory using...

Accounting
Q

Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments (M1...

Accounting
Q

Problem 11-18 Relevant Cost Analysis in a Variety of Situations [LO11-2, LO11-3, LO11-4] Andretti Company...

Accounting
Q

Select the correct statement about the master budget. A.) Preparing the master budget begins with...

Accounting
Q

Pretend I am a friend who wants to know something about the financials of Tesla...

Accounting
Q

Suppose the following bond quote for IOU Corporation appears in the financial page of today's...

Finance
Q

Create a strangle by buying the April 125 call and the April 115 put. What's...

Finance