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Accounting question on statement of cash flows: What should depreciation expense be based on the given info?
2. During the year equipment was sold for $13,838 cash. This equipment cost $29,304 originally and had a book value of $13,838 at the time of sale.
3. All depreciation expense is in the selling expense category.
4. All sales and purchases are on account.
property, plant and equipment account had a balance of 97680 in 2010 and 126984 in 2006 on the balance sheet.
the selling expense has a balance of 29304 in the income statement.
1 Answer
- EJ (Philippines)Lv 61 decade agoFavorite Answer
Answer:
We need to know the balance of accumulated depreciation at the end of 2009 and 2010.
Do this:
Accumulated depreciation, 2010 $xxx
Add: Accumulated depreciation of equipment retired $15466
Less: Accumulated depreciation, 2009 $xxx
Depreciation expense $xxx
Source(s): My brain only.
