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-   -   Perpetual Accounting: Special Sales Invoice? (https://www.askmehelpdesk.com/showthread.php?t=542225)

  • Jan 9, 2011, 11:55 AM
    Cholride
    Perpetual Accounting: Special Sales Invoice?
    Im working on my summative right know for school and I am dead stuck on this special Sales invoice question. Here its is:

    Source Document: Special Sales Invoice
    For the following: Old Furniture was sold off to the highest bidder
    Amount: $ 6,400.00 was the original value of the asset
    Payment: No Cash Changed Hands

    14% is the rate of amortization for this asset class
    $ 4,480.00 of the asset's original value was amortized
    $ 1,401.60 of the book value was the price paid for the asset

    Okay, so I know A/R is going to be $1,401.60; Office Furniture is going to be $6,400.00; and Accumulated Amortization is going to be $4,480.00. However, I am unable to figure out the Depreciation Expense and Loss on Sale of Assets. Can someone please help me with this.

    Many thanks

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