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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
Accumulated depreciation
Book value (Cash received)
0
Accumulated Depreciation
0
Current Year Prior Year
$ 132,000
(88,700)
$
$184,500
(110,700)
0
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 Accumulated depreciation Book value (Cash received) 0 Accumulated Depreciation 0 Current Year Prior Year $ 132,000 (88,700) $ $184,500 (110,700) 0
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