11: Chapter 12 166 points The following selected information is from Elerby Comp

Question

11: Chapter 12 166 points The following selected information is from Elerby Company's comparative balance sheets Al December 31 2014 156,000 $ 216,500 96,700) (118,700) Fumture The income statement reports depreciation expense for the year of $26,000 Also, furniture costing $60,500 was sold for its book value on December 31, 2015 Complete the below table to caloulate the cash received from the sale of funiture. Beg bal Beg ba End bal. End bal. Book value (Cash received) References eBook& Resources Workshee

Explanation / Answer

FURNITURE Beginning balance $         2,16,500.00 Less: Assets Sold $            60,500.00 Balance Assets at closing $         1,56,000.00 Accumlated Depreciation   Beginning Balance = $         1,18,700.00 Add: Deprecition for the year   $            26,000.00 Total $         1,44,700.00 Less: Closing Value   $            96,700.00 Depreciation of the assets sold $            48,000.00 CALCULATION OF CASH RECEIVED FROM THE SALE OF FURNITURE Value of the Furniture = $            60,000.00 Less: Accumulated Depreciation   $            48,000.00 Book Value of the Furniture   $            12,000.00 Sale value = Book Value = $            12,000.00 Cash Received from the sale of furniture = $            12,000.00 Answer = $ 12,000

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