EX \\ McGraw- Home-2 × Outlines × \\ D FS2017-2 × / Homewo ezto.mheducation.com/

Question

EX McGraw- Home-2 × Outlines × D FS2017-2 × / Homewo ezto.mheducation.com/hm.tpx 56 points e following selected information is from Ellerby Company's comparative balance sheets 20152014 (94,700) (116,700) uniture S 150,000 $ 208,500 he income statement reports depreciation expense for the year of $24,000. Also, furniture costing $58,500 as sold for its book value on December 31, 2015 omplete the below table to calculate the cash received from the sale of furniture. Furniture Beg ba ash (24,000 End bal 82,500 End bal Cost Accumulated depreciation Book value (Cash received) $ References eBook & Resources Worksheet yI

Explanation / Answer

Furniture Accumulated Depreciation Beginning Balance $208,500 Beginning Balance $116,700 Cash $12,500 Depreciation $24,000 Accumulated Depreciation $46,000 Furniture $46,000 Ending Balance $150,000 Ending Balance $94,700 Accumulated depreciation on sold Furniture Accumulated depreciation as on 01.01.2015 $116,700 Add : Depreciation expense for the year $24,000 Less : Accumulated depreciation as on 31.12.2015 $94,700 Accumulated depreciation on sold Furniture $46,000 Cash received on sale of furniture = Book value of furniture sold = Cost of furniture sold - accumulated depreciation on sold furniture Cash received on sale of furniture = Book value of furniture sold = $58500 - $46000 = $12500 Cost $58,500.00 Accumulated depreciation $46,000.00 Book value (Cash received) $12,500.00

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