QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 90,700 38,900 $22,700 48,100 Inventory 81,300 90,300 Prepaid expenses 5,100 4,100 Total current assets 216,000 165,200 Furniture 102,900 116,200 Accumulated depreciation-Furniture (15,900) (8.800) Total assets $303,000 $272,600 Liabilities and Equity Accounts payable $14,300 Wages payable 8,500 $ 20,000 4,600 Income taxes payable 1,400 2,500 Total current liabilities 24,200 27,100 Notes payable (long-term) 28,800 66,300 Total Habilities 53,000 93,400 Equity Common stock, $5 par value 215,100 Betained earnings 171,900 34,900 7,300 Total liabilities and equity, $303,000 $272,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income $466,600 300, 300 166,300 85,200 35,900 45,200 16,500 $28,700 Furniture costing $72,600 is sold at its book value in 2021 Acquisitions of furniture total $59,300 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 Sales CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 466,600 300,300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Furniture costing $72,600 is sold at its book value in 2021. Acquisitions of furniture total $59,300 cash, on w necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash receiv furniture. Beginning balance Furniture es Ending balance Accumulated Depreciation Beginning balance Ending balance 0 Cost Accumulated depreciation Book value (Cash received) $ 0