What would be the effect on the company financial statements


Question: If a company's fully depreciated asset that had no salvage value was scrapped but not removed from the accounting records, what would be the effect on the company's financial statements? a. The asset account and the accumulated depreciation account would be overstated by the same amount. b. There would be no effect on the net asset book value. c. None of the answers are correct. d. Both of the answers are correct.

 

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What would be the effect on the company financial statements
Reference No:- TGS03426223

Expected delivery within 24 Hours