Ask Experts Questions for FREE Help !
Ask
    Kork Little's Avatar
    Kork Little Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 22, 2008, 12:45 PM
    Donation of inventory
    I am going to donate inventory that has appreciated in value. I know I debit donations $1,500 and Credit Inventory $750 (original cost) but then what?
    AdamUTsel's Avatar
    AdamUTsel Posts: 100, Reputation: 2
    Junior Member
    		  
    #2

    Sep 23, 2008, 06:53 AM

    You would recognize a loss on the donation for the difference between the fair value and the cost of the asset.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Blood Donation [ 5 Answers ]

Hi, I would like to know if every pint of blood is tested when you donate blood. Thanks

Periodic inventory worksheet-Merchandise Inventory [ 1 Answers ]

I can't figure out what I am missing under a periodic inventory. My beginning merchadise inventory as of jan 1 is 20,000. Merchandise inventory at Jan 31st is 15000. How do I record on the worksheet the diffrence between the beginning and ending merchandise inventory. Do I have to add an...

Egg Donation [ 1 Answers ]

MY daughter donated her eggs to a couple and received a substantial amount of money.Does she have to pay taxes on it?

Tax help on donation [ 4 Answers ]

Hi there,

View more questions Search