The following data are from a company's comparative balance sheets. The current year income statement reports depreciationexpense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value.At December 31EquipmentAccumulated depreciation-EquipmentCompute cash received from the sale of equipment.Current Year$ 52,800(35,480)Cost of equipment soldAccumulated depreciation at prior year-endIncrease from depreciation expenseTotal "expected" accumulated depreciationActual accumulated depreciation at current year-endAccumulated depreciation on sold equipmentCash received from sale of equipment at book value$$Prior Year$ 73,800(44,280)44,2807,20051,48035,480$21,000

The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value Current Year $ 52,800 (35,480) $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000

The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value Current Year $ 52,800 (35,480) $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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