CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 94,800 41,000 85,800 5,400 227,000 109,000 (17.000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 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 $ 15,000 9,000 1,400 25, 400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69 000 97,600 229,000 135,600 $319,00 179,000 8,400 $285,000 66 nts eBook CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89, 100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 Hint Print References Furniture costing $55.000 is sold at its book value in 2019. Acquisitions of furniture total $45,000 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 Forniture Beg bal OK ht End bal nes Accumulated Depreciation Beg bal End bal Cost Cost Accumulated depreciation Book value (Cash received)