6. The following information is for X Company for 2008: Equipment, January 1 ??

Question

6. The following information is for X Company for 2008: Equipment, January 1 ?? Equipment, December 31 S14,765 Purchases of equipment $6,920 Depreciation $1,057 Cost of equipment sold $3,768 Loss on sale of equipment $1,000 What was the balance of the Equipment account on January 1, 2008? equipment, Beginning balance + purchases - sales (cost of equipment sold) -depreciation equipment, closing balance everything on the top added together equipment closing balance. plug in all your numbers and put X for beginning balance. solve for x and that is your answer.

Explanation / Answer

Answer:-The balance of the equipment account on January 1,2007 was $12670.

Explanation:-Let opening balance of Equipment account is X.

Opening balance of Equipment + Purchase of equipment =Depreciation+Equipment sale value+Loss on sale of Equipment + Closing balance of Equipment

X +$6920 = $1057+$2768+$1000+$14765

X= $19590 - $6920

X=$12670

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