The following financial information below was taken from the records of White Bones, Inc. a. How much

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The following financial information below was taken from the records of White Bones, Inc.

a. How much cash was collected on the sale of equipment during 2011?b. Reconstruct the entry that recorded the sale of equipment during2011.

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Financial Accounting in an Economic Context

ISBN: 978-0470635292

8th Edition

Authors: Jamie Pratt

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Question Posted: Nov 18, 2011 04:04 AM

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The following financial information below was taken from the records of White Bones, Inc. a. How much

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2011 2010 BALANCE SHEET Equipment Less: Accumulated depreciation Net book value S37,500 17,600 S19,900 $32,700 14,300 S18,400 INCOME STATEMENTS Depreciation expense Gain on sale of equipment S 7,200 2,100 S 6,800

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a and b First let us compute the original cost of the equipment that was so...View the full answer

Financial Accounting in an Economic Context

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