Question

granite stone creamery sold ice cream equipment for $10,800. granite stone originally purchased the equipment for $76,000, and depreciation through the date of sale totaled $63,500. what was the gain or loss on the sale of the equipment?

Answer 1

$3,000 was lost on the equipment's sale.

What are machinery and equipment?

The two main tools and implements used in company operations are equipment and machinery (occasionally they are kept in different accounts). These could include computers, copiers, phone systems, and any other electronic equipment for a service business.

Equipment: Is it an asset?

A fixed asset, also referred to as a noncurrent asset, is equipment. A noncurrent asset is a long-term investment made by your company that is unlikely to or does not easily convert to cash within an accounting year. Property, plant, and equipment are typically referred to as fixed assets (PP&E).

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