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Fully depreciated asset?


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Answered 2012-07-05 16:51:36

Is an asset that has equalled its original cost

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When an asset is fully depreciated should the total accumulated depreciation for that asset be zeroed out?

After an asset is fully depreciated, the assets and accumulated depreciation accounts are zerod together in the beginning of the next accounting period. When an asset is fully depreciated but still operates in the company, accountants usually leave the asset and its accumulated depreciation accounts in the records even after it's fully depreciated and even through next periods, just to show that this asset still exists and operates.


What is the journal entry to write off a fully depreciated asset?

debit accumulated depreciationcredit fixed asset


Write off a fully depreciated asset?

Journal Entry:Accumulated Depreciation A/c xxxxFixed Asset Account xxxx


What is the journal entry to record a fully depreciated fixed asset that was received as a donation?

Debit accumulated depreciationCredit fixed asset


Is it true that product obsolescence means the asset has been fully depreciated?

no. just outdated.


What is the journal entry when you have not fully depreciated as asset that no longer exists?

Debit accumulated depreciationdebit loss on disposalCredit fixed asset


What is the estimated salvage value of a fixed asset?

1. Estimated salvage value is the amount which is expected to be received from disposal of fully depreciated asset after useful life of asset.


What asset is not depreciated?

land


What is the journal entry to write off an asset acquired and fully depreciated within the year?

If asset is acquired in same year of fully utilized then there is no depreciation rather full cost charged to that specific period.


What is the journal entry to write off a fully depreciated asset that was donated?

Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.


What is the difference between asset write off and asset disposal?

When an asset is damaged beyond repair and you scrap it, you write it off. It may or may not be fully depreciated at that time. If it's not fully depreciated yet, your amt for Fixed assets written off would equal to the net book value. When you write off an asset, you don't get any proceeds for it. When you dispose of an asset by selling it, you'd get some proceeds from the sale and you use this amt to calculate your gain or loss on sale of fixed asset.


What are the terms depreciable value salvage value and estimated life mean?

Depreciable Value: It is the value of asset up to which any asset can be depreciated. Salvage Value: It is the value which a company can get on sale of fully depreciated asset. Estimated useful Life: It is that life of an assets which a company determine at the time of purchase for which an asset can be utilized in business to generate revenue.


What is the journal entry to write off not a fully depreciated asset?

[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets


Can an asset be depreciated to the point where its value becomes negative?

That can never happen. An asset will either be depreciated to its salvage value, or to zero, depending on whether or not it has a salvage value.


What is the journal entry to remove asset before it is fully depreciated?

[Debit] Cash / bank xxxx [Debit] Loss on sale of asset (if any) xxxx [Debit] accumulated depreciation xxxx [Credit] Asset xxxx [Credit]Profit on sale of asset (if any) xxxx


How are fully depreciated assets reported in the balance sheet?

Fully Depreciated Assets are reported on the Balance Sheet as always, with one extra account. Accumulated Depreciation. For Example if a company has a Truck that cost $25,000 and it has been fully depreciated, the entries for the Balance Sheet are Equipment- Truck $25,000 Less Accumulated Depreciation (*****) Fixed assets remain on the books until said asset is sold, salvaged, or destroyed.


A fixed asset that is not depreciated?

Land is the only fixed asset which is not depreciated because land never depreciates or wear and tear occur rather it always appreciates.


Can goodwill be depreciated?

Not usually as it isnt a waisting asset. But it can be Impaired.


Is a copy machine a asset?

Yes. It can also be depreciated on your taxes.


Why current assets are not depreciated?

current assets are not depreciated because depreciation process is use to allocate long term asset cost to specific fiscal year in which it used if fixed assets also fully used in one fiscal year then there is no need of depreciation as well.


What is margianl utility?

The life of a tangible asset after it has been fully depreciated. You may be able to depreciate the total cost of an assset in ten years, but the asset ( such as a vehicle) actually lasts for 15 years. The last 5 years are " marginal utility"


Write off fixed asset entry?

When the Company decide to write off the fixed asset, the following entries will be passed: Dr. Accumulated Depreciation Dr. Loss on Asset written off (if any) Cr. Fixed Asset ( at cost) The company would write off the fixed asset in the following circumstances: 1) The company may write off the fixed asset, if the assets are no longer in feasible use. 2) The fixed assets have been fully depreciated. In case 1 above, the company might incurred a loss on fixed asset written down if the net book value is > nil. Whereas, when the assets have been fully depreciated ( as in case 2), no losses will be incurred upon written off.


Where do you hit the cost of removing a fully depreciated asset IE asset 5000.00 so retirement entry equals credit asset account and debit accumulated depreciation account what about 200 removal cost?

Journal entry for removal cost: Debit Removal cost 200 Credit Cash 200


Can a written off asset be use again?

Yes. A fully depreciated asset, such as a machine or a piece of office furniture, might remain in service. An older piece of equipment normally has higher maintenance costs which represent the cost of that machine in the periods after write-off.


What is the journal entry to remove a vehicle that is traded in before it is fully depreciated?

[Debit] Accumulated depreciation [Debit] New Asset [Debit] Loss on disposal (if any) [Credit] Old asset [Credit] Profit on disposal (if any) [Credit] Cash paid (if any)


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