A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net 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 $ 71,600 30,900 64,700 4,000 171,200 80,600 (12,500) $239, 300 $ 18,000 38,200 71,700 3, 300 131,200 93,500 (7,000) $217,700 $ 11,300 6,800 1,100 19, 200 22,800 42,000 $ 16,000 3,800 2100 21,900 55,800 77700 174, 100 23, 200 $239,300 138.700 1300 $217700 CRUZ, INC. Income Statement CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $372,000 Cost of goods sold 239,900 Gross profit 132,900 Operating expenses Depreciation expense $28,700 Other expenses 68.100 96.800 Income before taxes 36,100 Income taxes expense 13,200 Net income $ 22,900 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $61,900 is sold at its book value in 2017 Acquisitions of furniture total $49.000 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? Furniture Bog bal End bal 0 Furniture costing $61,900 is sold at its book value in 2017 Acquisitions of furniture total $49,000 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? Furniture Beg bal End bal 0 Accumulated Depreciation Beg bal 28,700 End bal 28.700 5 61 900 Cost Accumulated depreciation Book value (Cash received) $ 61.900