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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Beginning balance Current year depreciation Sale of assets Ending Balance Answer is not complete. Furniture O Cost Accumulated depreciation Book value (Cash received) Accumulated Depreciation 198.500 00 142,500 92.000 Current Year $ 142,500 (92,200) S $ 56.000 114,200 21,500 43.700 56,000 43,500 12.500
Transcribed Image Text: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 Beginning balance Current year depreciation Sale of assets Ending Balance Answer is not complete. Furniture O Cost Accumulated depreciation Book value (Cash received) Accumulated Depreciation 198.500 00 142,500 92.000 Current Year $ 142,500 (92,200) S $ 56.000 114,200 21,500 43.700 56,000 43,500 12.500
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