ch. 12-Homework 5 QS 12-7 Computing cash from asset sales LO P3 The following se

Question

ch. 12-Homework 5 QS 12-7 Computing cash from asset sales LO P3 The following selected information is from Ellerby Company's comparative balance sheets 1.36 poInts 2017 2016 At December 31 Furniture Accumulated depreciation-Furniture $151,500 210,500 (95,280) (117,200) The income statement reports depreciation expense for the year of $24,500. Also, furniture costing $59,000 was sold for its book value on December 31, 2017 Print Complete the general ledger accounts to calculate the cash received from the sale of furniture. References Beg bal End ba Beg bal End bal Cost Book value (Cash received)

Explanation / Answer

FURNITURE ACCOUNT Particulars Amount Particulars Amount Beginning balance 210500 Depreciation 24500 Cash 34500 Ending balance 151500 210500 210500 ACCUMULATED DEPRECIATION Particulars Amount Particulars Amount Furniture 24500 Beginning balance 117200 Ending balance 95200 Profit and loss A/C 2500 119700 119700 Cost 59,000 Less: Accumulated depreciation 24,500 Book value (cash received) 34,500

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