How do I show a fully depreciated asset with scrap value on financial statements?
September 11, 2009 - 4:18 am
For example: I purchased $1000 computer and expect to use it for 5 years and has a salvage value of $100. This being the 5th year, I still plan on continuing to use the computer but no longer want to depreciate it or sell it.
I’m not sure where on the financial statements (balance sheets, income statement) the salvage value should be shown.
Answer:
We call it on accounting as fully depreciated asset. You still have to show it in the Balance Sheet under the Notes to the Financial Statements.
September 11th, 2009 at 9:59 am
Answer:
We call it on accounting as fully depreciated asset. You still have to show it in the Balance Sheet under the Notes to the Financial Statements.
References :
My brain only.