The following selected information is from Ellerby Companys comparative balance sheets. The income statement reports depreciation expense

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The following selected information is from Ellerby Company€™s comparative balance sheets.

The income statement reports depreciation expense for the year of $ 18,000. Also, furniture costing $ 52,500 was sold for its book value. Compute the cash received from the sale offurniture.

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Fundamental accounting principle

ISBN: 978-0078025587

21st edition

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

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Question Posted: Nov 26, 2013 10:11 AM

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The following selected information is from Ellerby Companys comparative balance sheets. The income statement reports depreciation expense

Question:

At December 31 Furniture.e.... Accumulated depreciation- Furniture(88,700) (110,700) 2013 $132,000 $184.500 2012

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Computation of cash inflow from sale of furniture Cost of furniture sold given 52500 ...View the full answer

Fundamental accounting principle

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