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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 asset is not depreciated?
land
If a longlived asset is not used for a productive purpose should it be classified as an investment?
It should appear on the Balance Sheet as a Fixed Asset and depreciated accordingly.
Fully depreciated asset?
Is an asset that has equalled its original cost
How do you remove a completely depreciated fixed asset from your fixed asset accounts?
Debit Accumulated Depreciation and Credit the Fixed Asset account for the capitalized value; however, if you still own the asset, you should not remove it.
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 asset is not depreciated?
land
If a longlived asset is not used for a productive purpose should it be classified as an investment?
It should appear on the Balance Sheet as a Fixed Asset and depreciated accordingly.
Fully depreciated asset?
Is an asset that has equalled its original cost
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.
How do you remove a completely depreciated fixed asset from your fixed asset accounts?
Debit Accumulated Depreciation and Credit the Fixed Asset account for the capitalized value; however, if you still own the asset, you should not remove it.
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.
What is an expired asset called?
An expired asset is commonly referred to as a "depreciated asset" or "fully amortized asset." It is an asset that has reached the end of its useful life or its expected economic benefit has been fully realized. In accounting terms, such assets may be removed from the balance sheet and recognized as having no remaining value.
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.
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
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
