The following information is from Ellerby Company's comparative balance sheets. Prior Year $ 202,500 (115,200) At December 31 Furniture Accumulated depreciation-Furniture The current year income statement reports depreciation expense on furniture of $22,500. During the year, furniture costing $57,000 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. Beg. bal. Sale of assets End, bal. Beg. bal Current year depreciation End, bal. Furniture 202,500 Accumulated Depreciation Cost Accumulated depreciation Book value (Cash received) 145,500 Current Year $145,500 (93,200) 57,000 115,200 22,500 137,700 $ 202,500 $ 202,500

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
Prior Year
$ 202,500
(115,200)
Accumulated depreciation-Furniture
The current year income statement reports depreciation expense on furniture of $22,500. During the year, furniture costing $57,000
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.
Beg, bal.
Sale of assets
End, bal.
Beg. bal
Current year depreciation
End, bal.
Cost
Furniture
202,500
Accumulated Depreciation
Accumulated depreciation
Book value (Cash received)
145,500
Current Year
$145,500
(93,200)
57,000
115,200
22,500
137,700
$ 202,500
$ 202,500
Transcribed Image Text:The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Prior Year $ 202,500 (115,200) Accumulated depreciation-Furniture The current year income statement reports depreciation expense on furniture of $22,500. During the year, furniture costing $57,000 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. Beg, bal. Sale of assets End, bal. Beg. bal Current year depreciation End, bal. Cost Furniture 202,500 Accumulated Depreciation Accumulated depreciation Book value (Cash received) 145,500 Current Year $145,500 (93,200) 57,000 115,200 22,500 137,700 $ 202,500 $ 202,500
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