On its January 1, 2016, balance sheet, Calvin Company reported equipment of $60,000 and accumulated depreciation of $20,000. During 2016, Calvin sold equipment with an original cost of $5,000. Selected information from Calvin's
2016 statement of cash flows follows:
Required:
Compute the amount of equipment and accumulated depreciation that should appear on Calvin's December 31, 2016, balance sheet.

Question

On its January 1, 2016, balance sheet, Calvin Company reported equipment of $60,000 and accumulated depreciation of $20,000. During 2016, Calvin sold equipment with an original cost of $5,000. Selected information from Calvin's
2016 statement of cash flows follows:  
Required:
Compute the amount of equipment and accumulated depreciation that should appear on Calvin's December 31, 2016, balance sheet.

Quizplus · Accepted Answer

The Answer of On its January 1, 2016, balance sheet, Calvin Company reported equipment of $60,000 and accumulated depreciation of $20,000. During 2016, Calvin sold equipment with an original cost of $5,000. Selected information from Calvin's
2016 statement of cash flows follows:  
Required:
Compute the amount of equipment and accumulated depreciation that should appear on Calvin's December 31, 2016, balance sheet.

On Its January 1, 2016, Balance Sheet, Calvin Company Reported