1.11 5 QS 16-13 (Algo) Computing cash from asset sales LO P3 points CRUZ, INCORPORATED Comparative...

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1.11 5 QS 16-13 (Algo) Computing cash from asset sales LO P3 points CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash $ 72,900 $ 18,100 Accounts receivable, net 31,300 38,400 Inventory 65,600 72,100 eBook Prepaid expenses 4,000 3,300 Total current assets 131,900 Hint Furniture Accumulated depreciation-Furniture Liabilities and Equity Total assets Ask Accounts payable Wages payable Income taxes payable Print 10 References Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 173,800 80,600 (12,500) $ 241,900 $ 11,400 6,800 93,500 (7,100) $ 218,300 $ 16,100 3,800 1,200 2,100 19,400 22,000 24,800 55,800 44,200 77,800 170,300 27,400 134,800 5,700 $ 241,900 $ 218,300 Sales CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 373,800 240,600 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 133,200 68,300 28,800 36,100 13,100 $ 23,000 Furniture costing $66,000 is sold at its book value in 2021. Acquisitions of furniture total $53,100 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Furniture Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received) S 0 1.11 5 QS 16-13 (Algo) Computing cash from asset sales LO P3 points CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash $ 72,900 $ 18,100 Accounts receivable, net 31,300 38,400 Inventory 65,600 72,100 eBook Prepaid expenses 4,000 3,300 Total current assets 131,900 Hint Furniture Accumulated depreciation-Furniture Liabilities and Equity Total assets Ask Accounts payable Wages payable Income taxes payable Print 10 References Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 173,800 80,600 (12,500) $ 241,900 $ 11,400 6,800 93,500 (7,100) $ 218,300 $ 16,100 3,800 1,200 2,100 19,400 22,000 24,800 55,800 44,200 77,800 170,300 27,400 134,800 5,700 $ 241,900 $ 218,300 Sales CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 373,800 240,600 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 133,200 68,300 28,800 36,100 13,100 $ 23,000 Furniture costing $66,000 is sold at its book value in 2021. Acquisitions of furniture total $53,100 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Furniture Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received) S 0