The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Current Year Prior Year $ 132,000 $184,500 (88,700) Accumulated depreciation-Furniture (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. Beginning balance Ending balance Beginning balance Furniture Accumulated Depreciation
The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Current Year Prior Year $ 132,000 $184,500 (88,700) Accumulated depreciation-Furniture (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. Beginning balance Ending balance Beginning balance Furniture Accumulated Depreciation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete the general ledger accounts to calculate cash received from the sale of furniture.
Beginning balance
Ending balance
Beginning balance
Ending balance
Furniture
Accumulated Depreciation
Cost
Accumulated depreciation
Book value (Cash received)"
Transcribed Image Text:7
Complete the general ledger accounts to calculate cash received from the sale of furniture.
Beginning balance
Ending balance
Beginning balance
Ending balance
Furniture
Accumulated Depreciation
Cost
Accumulated depreciation
Book value (Cash received)

Transcribed Image Text:The following information is from Ellerby Company's comparative balance sheets.
At December 31
Furniture
Accumulated depreciation-Furniture
Beginning balance
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.
Ending balance
Beginning balance
Ending balance
Cost
Furniture
Current Year
$ 132,000
(88,700)
Accumulated Depreciation
Prior Year
$ 184,500
(110,700)
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