11 Part 2 of 3 CRUZ, INC. Comparative Balance Sheets December 31, 2017 Assets Cash Accounts receivable, net 1 points Skipped eBook Hint Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Print References CRUZ, INC. Income Statement For Year Ended December 31, 2017 2017 2016 $ 73,200 $ 18,300 31,400 38,800 65,700 72,800 4,100 3,300 174,400 133,200 82,700 93,500 (12,800) (7,100) $244,300 $219,600 $ 11,500 $ 16,200 6,800 3,800 1,100 2,100 19,400 22,100 22,700 55,700 42,100 77,800 173,100 134,500 29,100 7,300 $244,300 $219,600 Sales $375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses Depreciation expense $28,900 Other expenses 68,600 97,500 Income before taxes 36,500 Income taxes expense Net income 13,300 $ 23,200 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $69,800 is sold at its book value in 2017. Acquisitions of furniture total $59,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Beg. bal. End. bal. Furniture 0 Accumulated Depreciation Beg. bal. End. bal. 0 Cost Accumulated depreciation Book value (Cash received) $ 0