The following information is taken from the balance sheet of Cheese Wheel Company: Depreciation expense of $15,000

Question:

The following information is taken from the of Cheese Wheel Company:

Depreciation expense of $15,000 was reported on the 2012 income statement. Equipment with an original cost of $35,000 was sold for its book value.
Required
Compute the amount of cash received from the sale of the equipment.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...