Funseth farms purchased a tractor in 2008 at a cost of, Ask an Expert

Accounting

Question 1.

Cisco System reported the following information in its 2009 financial statements ($ in millions):

2009 2008

Balance sheets $4,043 $4,151

Property, plant, and equipment (net)

Income statement $36,117

Net sales for 2009

Required

1. Calculate Cisco's 2009 fixed-asset turnover ratio

2. How would you interpret this ratio?

Question 2.

Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.

1. Prepare the journal entry to record the sale.

2. Assuming that the tractor was sold for $10,000, prepare the journal entry to record the sale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277230

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