Question
On Jan 1, 2012, the firm sold a used equipment for $ 5000 cash. This equipment was purchased by the firm on Jan 1, 2006
On Jan 1, 2012, the firm sold a used equipment for $ 5000 cash. This equipment was purchased by the firm on Jan 1, 2006 for $10,000. The firm expected to use this equipment for 10 years and the estimated residual value is $3,000.
Balance sheet:
Income statement:
Retained earnings portion of the statement of shareholders equity:
Cash flow statement:
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens
7th Edition
0912503688, 978-0912503684
