The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Accumulated depreciation-Furniture Current Year $ 132,000 (88,700) Prior Year $ 184,500 (110,700) The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,500 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. Furniture Beginning balance Ending balance Beginning balance Ending balance Accumulated Depreciation Cost Accumulated depreciation Book value (Cash received)
The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Accumulated depreciation-Furniture Current Year $ 132,000 (88,700) Prior Year $ 184,500 (110,700) The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,500 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. Furniture Beginning balance Ending balance Beginning balance Ending balance Accumulated Depreciation Cost Accumulated depreciation Book value (Cash received)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:The following information is from Ellerby Company's comparative balance sheets.
At December 31
Furniture
Accumulated depreciation-Furniture
Current Year
$ 132,000
(88,700)
Prior Year
$ 184,500
(110,700)
The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture
costing $52,500 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.
Furniture
Beginning balance
Ending balance
Beginning balance
Ending balance
Accumulated Depreciation
Cost
Accumulated depreciation
Book value (Cash received)
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