Check my work Required information Use the following information for the Quick Study below. (The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 85,900 Accounts receivable, net 36,900 Inventory 77,200 Prepaid expenses 4,900 Total current assets 204,900 Furniture 98,900 Accum. depreciation Furniture (15,300) Total assets $288,500 Liabilities and Equity Accounts payable $ 13,600 Wages payable 8,100 Income taxes payable 1,300 Total current liabilities 23,000 Notes payable (long-term) 26,800 Total liabilities 49,800 Equity Common stock, $5 par value 207,600 Retained earnings 31,100 Total liabilities and equity $288,500 $ 21,600 45,800 86,000 3,900 157,300 110,500 (8,300). $259,500 $ 19, 100 4,300 2,400 25,800 63,700 89,500 165, 100 4,900 $259,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $444,200 Cost of goods sold 285,900 Gross profit 158,300 Operating expenses Depreciation expense $34,200 81,200 115,400 Other evnenses Check my work CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $444,200 Cost of goods sold 285,900 Gross profit 158,300 Operating expenses Depreciation expense $34,200 Other expenses 81,200 115,400 Income before taxes 42,900 Income taxes expense 15,600 Net income $ 27,300 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $75,600 is sold at its book value in 2017. Acquisitions of furniture total $64,000 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 nces Beg. bal. Cash 2017 depreciation End. bal. 0 Accumulated Depreciation Beg. bal. End. bal. L O Cost Accumulated depreciation Book value (Cash received) $