Business, 13.11.2019 04:31 wrolle

Fedex corporation is the world's leading express-distribution company. in addition to the world's largest fleet of all-cargo aircraft, the company has more than 53,700 ground vehicles that pick up and deliver packages. assume fedex sold a delivery truck for $16,000. fedex had originally purchased the truck for $28,000, and had recorded depreciation for 3 years.
1) calculate the amount of gain or loss on disposal, assuming that accumulated depreciation was: (a) $12,000, (b) $10,000, (c) $15,000.
2) using the following structure, indicate the effects (accounts, amounts, and + or -) for the disposal of the truck in each of the three preceding situations.
assets = liabilities + stockholders' equity
3) prepare the journal entry to record the disposal of the truck for each situation in requirement 1.

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Answer from: AlicR63701

1) Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation was:

(a) $12,000, 0

(b) $10,000, Loss 2000

2) Using the following structure, indicate the effects (accounts, amounts, and + or -) for the disposal of the truck in each of the three preceding situations.

Assets = Liabilities + Stockholders' Equity

Cash+Net Fixxed Asset=Liabilities+truck sold+sale-net-loss in sale

´=16000+(-28000+12000)=0+(16000-(28000-12000))

3) Prepare the journal entry to record the disposal of the truck for each situation in requirement 1.

Depreciation a12000

Db Cash16000

Depreciation12000

Fix asset 28000

Depreciation b10000

Db Cash16000

Depreciation 10000

Fix asset 28000

Loss in disposal of fixed asset2000

Depreciation c15000

Db Cash16000

Depreciation15000

Fix asset 28000

Income in disposal of fixed asset 3000

Explanation:

Truck sold16000

Purchased28000

Depreciation a12000

Depreciation b10000

Depreciation c15000

Cash+Net Fixxed Asset=Liabilities+truck sold+sale-net-loss in sale

´=16000+(-28000+12000)=0+(16000-(28000-12000))

Depreciation a12000

Db Cash16000

Depreciation12000

Fix asset 28000

Depreciation b10000

Db Cash16000

Depreciation 10000

Fix asset 28000

Loss in disposal of fixed asset2000

Depreciation c15000

Db Cash16000

Depreciation15000

Fix asset 28000

Income in disposal of fixed asset 3000

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Fedex corporation is the world's leading express-distribution company. in addition to the world's la...

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