2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26, 800 Total liabilities 48,800 Equity Common stock, $5 par value 198,800 Retained earnings 28,000 Total liabilities and equity $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000) $246,800 $ 18,200 4,300 2,400 24,900 63,700 88,600 155,300 2,900 $246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $422,500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14,900 Net income $ 26,100 Furniture costing $69,300 is sold at its book value in 2019. Acquisitions of furni necessary because it is acquired at year-end. Complete the general ledger acc furniture. WHY Total liabilities and equity Uw $275,600 $246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $422,500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14,900 Not income $ 26,100 Furniture costing $69,300 is sold at its book value in 2019. Acquisitions of furniture total $57,300 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. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Bog, bal End, bal Accumulated Depreciation Beg. bal. End, bal Cost Accumulated depreciation Book Value (Cash received) $ 0 Furniture costing $69,300 is sold at its book value in 2019. Acquis necessary because it is acquired at year-end. Complete the gene furniture. Complete the general ledger accounts to calculate cash received Furniture Beg. bal. End. bal. 0 Accumulated Depreciation Beg. bal. End. bal. 0 Cost Accumulated depreciation Book value (Cash received) $ 0