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 Loss on sale of equipment From the balance sheet Beginning equipment Ending equipment Beginning accumulated depreciation Ending accumulated depreciation 595 4,190 14,480 7,45e 3,900 3,15e No new equipment was bought during the period. Requlred: For the equipment that was sold, determine (a) its original cost, (b) its accumulated depreciation, and (c) the cash received from the sale. (a) Cost of equipment sold (b) Accumulated Depreciation-Equipment (c) Cash Received from Sale

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 Loss on sale of equipment From the balance sheet Beginning equipment Ending equipment Beginning accumulated depreciation Ending accumulated depreciation 595 4,190 14,480 7,45e 3,900 3,15e No new equipment was bought during the period. Requlred: For the equipment that was sold, determine (a) its original cost, (b) its accumulated depreciation, and (c) the cash received from the sale. (a) Cost of equipment sold (b) Accumulated Depreciation-Equipment (c) Cash Received from Sale

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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