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What is the journal entry to write off fixed assets?
When the Company decide to write off the fixed asset, the following entries will be passed:Dr. Accumulated DepreciationDr. 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.
What kind of an account is accumulated depreciation?
Accumulated depreciation is a contra asset account. Contra asset accounts are used to record the depreciation of an asset, which is a reduction in the asset's value due to wear and tear or obsolescence. Accumulated depreciation is recorded on a company's balance sheet as a reduction from the original cost of a fixed asset. For example, if a company buys a building for $100,000 and estimates that the building will last for 20 years, it might record $5,000 of depreciation expense per year. After four years, the accumulated depreciation for the building would be $20,000, which would be recorded as a reduction from the original cost of the building on the company's balance sheet. Here is my recommendation πΊβ Κ°Ε¦πΟοΌ³://ο½Κ·ε±±.πΞΉβΌβδΈΡβπβ¬ββ.βαΠΌ/ε°ΊΞ΅ΰΉπ¦Ε/βββ½ββΈβ /αΆ€πββΆπ§α΅αͺβα©πβ½Ρ²βΎ/ ππ
Would SonicWall network security appliance be considered a fixed asset - 17k?
Yes, a SonicWall network security appliance priced at $17,000 would be considered a fixed asset. Fixed assets are long-term resources used in the operation of a business, typically with a useful life of more than one year. Since the appliance is intended for ongoing use in network security, it qualifies as a tangible fixed asset on the balance sheet.
What is a good example for an asset inventory software?
There are quite a number of various examples of asset inventory software on the market. A good example of one would be RedBeam Fixed Asset Tracking Software.
If a company purchases supplies on account the transaction would result in total asset increasing or decreasing?
I think the total asset will decreases
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.
What is the journal entry to write off fixed assets?
When the Company decide to write off the fixed asset, the following entries will be passed:Dr. Accumulated DepreciationDr. 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.
Disadvantge for not maintaining a fixed asset register?
No proper record for you assets available, therefor you would not be able to estimate the value of your assets and company.
The book value of a plant asset is?
The book value of a fixed asset (PP&E) is the difference between the fixed asset account and it's related accumulated depreciation account. You have a truck you paid $25,000 and you have depreciated it for the amount of $10,000 then the "book value" would be $15,000.
What is an intangiblee fixed asset?
An intangible fixed asset is one that cannot be physically seen or touched. Goodwill or brand loyalty is an example. A firm like Coca-Cola would most likely include a quantification of their good will as an intangible fixed asset on their balance sheet.
What company would need an asset management system?
There are many companies that would need an asset management system as is can help save money for the company. If the company is a public institute or a school then it would be very beneficial to use an asset management system.
What is fixed cost in economics?
Fixed are the cost that are not affected the by the fluctuations in the level of activity. As an example the rent cost of a apperal manufacturing company would be a typical example of a fixed cost in short run as rental is not affected by the level of activity that is produced.
Is purchase of fixed asset recorded in income n expenditure account?
Not normally. In certain cases, a company might have a "capitalization" minimum so that anything purchased below a certain price would be expensed (for example, a $10 trash can). But, in general, if an item meets the definition of a fixed asset and is above the capitalization threshold, the "purchase" would be capitalized (recorded on the balance sheet as an asset), then depreciated over its useful life. The depreciation process would record depreciation expense (debit) and reduce the value of the asset (credit).
What kind of an account is accumulated depreciation?
Accumulated depreciation is a contra asset account. Contra asset accounts are used to record the depreciation of an asset, which is a reduction in the asset's value due to wear and tear or obsolescence. Accumulated depreciation is recorded on a company's balance sheet as a reduction from the original cost of a fixed asset. For example, if a company buys a building for $100,000 and estimates that the building will last for 20 years, it might record $5,000 of depreciation expense per year. After four years, the accumulated depreciation for the building would be $20,000, which would be recorded as a reduction from the original cost of the building on the company's balance sheet. Here is my recommendation πΊβ Κ°Ε¦πΟοΌ³://ο½Κ·ε±±.πΞΉβΌβδΈΡβπβ¬ββ.βαΠΌ/ε°ΊΞ΅ΰΉπ¦Ε/βββ½ββΈβ /αΆ€πββΆπ§α΅αͺβα©πβ½Ρ²βΎ/ ππ
The company purchases a new computer the cost would be coded to what account?
The cost of purchasing a new computer would typically be coded to a fixed asset account, such as "Computer Equipment" or "Office Equipment." This account reflects the company's investment in long-term assets. Additionally, any associated costs like installation or software could also be included in this account. Over time, the asset would be depreciated according to the company's accounting policies.
Would SonicWall network security appliance be considered a fixed asset - 17k?
Yes, a SonicWall network security appliance priced at $17,000 would be considered a fixed asset. Fixed assets are long-term resources used in the operation of a business, typically with a useful life of more than one year. Since the appliance is intended for ongoing use in network security, it qualifies as a tangible fixed asset on the balance sheet.
What is a good example for an asset inventory software?
There are quite a number of various examples of asset inventory software on the market. A good example of one would be RedBeam Fixed Asset Tracking Software.
