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Fully depreciated asset?
Is an asset that has equalled its original cost
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.
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.
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.
Fully depreciated asset?
Is an asset that has equalled its original cost
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.
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.
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.
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 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.
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.
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
How do you classify assets?
Tangible assets normally are long term capital assets, but could be short term. Some long term tangible assets can be depreciated while others can not. For example a building or piece of equipment is a tangible long term asset that can be depreciated for financial and tax purposes. Land is also a tangible asset, but can not be depreciated.
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.
