Fixed Asset Disposal Accounting Explained for Beginners | Maxwell CPA Review
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Hey everyone, Kyle Ashcraft here from Maxwell CPA Review! Confused about what happens to equipment when it's time to sell? This video dives into disposing of fixed assets. We'll use a popcorn machine example to show how depreciation affects value, then walk you through my 4-step process for recording the disposal. You'll also learn a handy formula to calculate gain or loss on the sale using net book value. Whether you're a business owner or student, this video will make fixed asset disposal in accounting a breeze!
Learn how to dispose a fixed asset (aka property, plant, and equipment)! Examples are given to help you record depreciation and make the journal entries for selling fixed assets. I’ve included two different ways to calculate gain and loss journal entries.
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