QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Prior Year $ 198,500 (114,200) Accumulated depreciation Furniture The current year income statement reports depreciation expense on furniture of $21,500. During the year, furniture costing $56.000 was sold for its book value on December 31, Current Year Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Sale of assets Ending Balance Ending Balance Answer is not complete. Furniture • Cost Accumulated depreciation Book value (Cash received) 198.500 Accumulated Depreciation Beginning balance Current year depreciation O 92.000 € Sale of assets O Current Year $ 142,500 (92,200) 142.500 $ $ 56,000 114/200 21,500 43.700 56.000 43.500 12.500

QS 12-8 (Algo) Computing cash from asset sales LO P3 The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Prior Year $ 198,500 (114,200) Accumulated depreciation Furniture The current year income statement reports depreciation expense on furniture of $21,500. During the year, furniture costing $56.000 was sold for its book value on December 31, Current Year Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Sale of assets Ending Balance Ending Balance Answer is not complete. Furniture • Cost Accumulated depreciation Book value (Cash received) 198.500 Accumulated Depreciation Beginning balance Current year depreciation O 92.000 € Sale of assets O Current Year $ 142,500 (92,200) 142.500 $ $ 56,000 114/200 21,500 43.700 56.000 43.500 12.500

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 30E

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