Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 9 - Reporting and Analyzing Long-Lived Assets - Questions: 12

Answer

The gain or loss of the sale of asset is calculated as follows: Cost of the asset dollas Less: accumulated depreciation (up to the date of sale) dollars Book Value of the asset dollars

Work Step by Step

Gain = Cash received from the sale of asset - Book value of asset Loss = Book value of asset - Cash received from sale of asset.
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