@Spartan–It's the cash proceeds. When you depreciate a composite (group) of assets there is no way to tell how much accumulated depreciation is attributed to any one asset to remove it from the books so you calculate the accum depr as the Cash proceeds – the original cost and then deduct the Net of Original Cost – Accum Depr from the value of the composite. That would equal the cash proceeds being deducted. No gain/loss on composites until you sell the last asset in the group.
The JE to record the sell of the asset in my question is:
So far I have studied the following: Standard setting, Income Statement, Reporting Requirements, Matching, Marketable Securities and Business Combinations, Working, Capital, and Fixed Assets. Tomorrow I will finish with Working Capital and Fixed Assets. and then on to Leases, Liabilities, and Bonds, which I plan on finished this week. This means I will be half-way through studying.
How did you keep the info fresh in you mind mid way through?
I think we all have days when we are on information over load. The other day I went to pick my son from his friends house and totally went to the wrong house and the wrong block….my wife was laughing at me 🙂
I think taking progress tests definitely helps keep the concepts fresh in your mind. Also definitely review your notes periodically as well. Becker has really nice outlines for each chapter that covers the major concepts for the particular topic. I usually hand write my own notes onto these outlines and review them along the way.
With just a little bit over 2 weeks left before my exam date, I plan on finishing up all the MCQs 2-3 times, taking progress tests and reviewing my notes. I also plan on taking the final exams a week and a couple days before my exam date.
Accrued investment interest receivable of@ 1/1 = $38,000 and @ 12/31 = $46,500. During the year cash collections from the investments included $145K from Capital Gains Distributions and $152K from Interest. What amount should be reported as interest revenue from investments for the year?
I have no idea what I should do to study for the next 12 days (EEEK!) I am so burnt out on the test bank. I've done ever question twice, I think. I'm going to try to go through them again, but I am just so tired or reading all those LONG questions. How do I overcome this? My eyes hurt! I also wanted to rewrite my notes, but with 100+ pages I doubt that will happen. Definitely reading through them, the Ninja Notes, and the Becker Outline Notes. I seriously just wish this thing was tomorrow so I could be done with studying, until I got my Failing grade since I'm not ready.
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