CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 91,100 $ 22,900 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 39,100 48,600 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $306,000 $274,400 $ 14,400 $ 20,200 8,600 4,500 1,400 2,500 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $306,000 $274,400 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $469,700 302,300 167,400 $36,200 85,900 122,100 45,300 16,500 $ 28,800 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $76,200 is sold at its book value in 2017. Acquisitions of furniture total $65,000 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. Furniture End. bal. 0 Accumulated Depreciation Beg. bal. End. bal. Cost Accumulated depreciation Book value (Cash received)