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Anybody good at accounting?

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Anybody good at accounting?

Postby cordscords » Sun Feb 15, 2009 9:55 pm

Stuck on a HW problem. Anybody who can help I appreciate it. Here it is:

The T accounts for Equipment and the related Accumulated Depreciation for Pettengill Company at the end of 2008 are shown here.

Equipment :
Beginning balance- 81,600
Acquisitions- 42,500
Disposals- 23,700
Ending balance- 100,400

Accumulated Depreciation:
Disposals- 5,800
Beginning balance- 44,900
Depreciation expense- 13,100
Ending balance- 52,200

In addition, Pettengill Company’s income statement reported a loss on the sale of equipment of $5,700. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”?
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Re: Anybody good at accounting?

Postby bigken117 » Sun Feb 15, 2009 10:23 pm

Is this your homework?
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Re: Anybody good at accounting?

Postby cordscords » Sun Feb 15, 2009 10:38 pm

bigken117 wrote:Is this your homework?


Yes it is. Mentioned that in the first sentence.
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Re: Anybody good at accounting?

Postby DbacksRback » Mon Feb 16, 2009 12:00 am

I wish i could help but im terrible at it. I got a 78 on my first man. accounting test. Its just not to easy for me sorry bud
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Re: Anybody good at accounting?

Postby abrage22 » Mon Feb 16, 2009 12:21 am

I just had accounting last trimester, but don't remember squat
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Re: Anybody good at accounting?

Postby RyanK » Mon Feb 16, 2009 12:44 am

I dont remember much from my accounting but T charts... you have to do each for credits and debits, what im not sure is wether its by equipment and depreciation soley or intertwined with the depreciation...

but wouldnt the answer be 5700? because thats the only way the numbers stay the same... Beginning balance + acquisitions - disposals = ending balance and samething but switch acquisitions with depreciation expense
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Re: Anybody good at accounting?

Postby Dan Lambskin » Mon Feb 16, 2009 11:32 am

bigken117 wrote:Is this your homework?


Is this your homework Larry?
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Re: Anybody good at accounting?

Postby baizboll » Mon Feb 16, 2009 6:20 pm

I could be wrong but....

+23,700
-42,500
-5,800
+13,100


I'm skeptical that the 5700 loss is a factor since the disposals may have already taken that into consideration. But like I said, I could or probably am wrong. :-S
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Re: Anybody good at accounting?

Postby JTWood » Mon Feb 16, 2009 9:29 pm

cordscords wrote:Stuck on a HW problem. Anybody who can help I appreciate it. Here it is:

The T accounts for Equipment and the related Accumulated Depreciation for Pettengill Company at the end of 2008 are shown here.

Equipment :
Beginning balance- 81,600
Acquisitions- 42,500
Disposals- 23,700
Ending balance- 100,400

Accumulated Depreciation:
Disposals- 5,800
Beginning balance- 44,900
Depreciation expense- 13,100
Ending balance- 52,200

In addition, Pettengill Company’s income statement reported a loss on the sale of equipment of $5,700. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”?

I have an accounting degree, but I've been out of school for a few years. These things are never set up like real-world scenarios, so let me see if I can jog the ol' memory. We're trying to figure out how much they sold the equipment for, since their raw receipt will be the number that slides into the cash flow statement.

I think this is pretty simple, God help me:

They bought the equipment for $23700 and accumulated $5800 in depr, which would give the asset a book value of $17900. If they lost $5700 on the sale, then they must have sold it for $5700 less than book value: $17900 - $5700 = $12200. So the cash flow entry would be $12200:

DR
Cash $12200
Accu Depr $5800
Loss $5700

CR
Equipment $23700
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Re: Anybody good at accounting?

Postby AquaMan2342 » Mon Feb 16, 2009 9:35 pm

JTWood wrote:
cordscords wrote:Stuck on a HW problem. Anybody who can help I appreciate it. Here it is:

The T accounts for Equipment and the related Accumulated Depreciation for Pettengill Company at the end of 2008 are shown here.

Equipment :
Beginning balance- 81,600
Acquisitions- 42,500
Disposals- 23,700
Ending balance- 100,400

Accumulated Depreciation:
Disposals- 5,800
Beginning balance- 44,900
Depreciation expense- 13,100
Ending balance- 52,200

In addition, Pettengill Company’s income statement reported a loss on the sale of equipment of $5,700. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”?

I have an accounting degree, but I've been out of school for a few years. These things are never set up like real-world scenarios, so let me see if I can jog the ol' memory. We're trying to figure out how much they sold the equipment for, since their raw receipt will be the number that slides into the cash flow statement.

I think this is pretty simple, God help me:

They bought the equipment for $23700 and accumulated $5800 in depr, which would give the asset a book value of $17900. If they lost $5700 on the sale, then they must have sold it for $5700 less than book value: $17900 - $5700 = $12200. So the cash flow entry would be $12200:

DR
Cash $12200
Accu Depr $5800
Loss $5700

CR
Equipment $23700



This is what I got too, FWIW. Man I hated accounting! :-P
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