QS 12-13 Computing cash from asset sales LO P3

CRUZ, INC. Comparative Balance Sheets December 31, 2019
		2019				2018
Assets
Cash	$	64,400			$	16,200
Accounts receivable, net		27,800				34,400
Inventory		58,200				64,600
Prepaid expenses		3,600				2,900
Total current assets		154,000				118,100
Furniture		72,600				82,200
Accum. depreciationFurniture		(11,300	)			(6,200	)
Total assets	$	215,300			$	194,100
Liabilities and Equity
Accounts payable	$	10,100			$	14,300
Wages payable		6,100				3,400
Income taxes payable		1,000				1,800
Total current liabilities		17,200				19,500
Notes payable (long-term)		20,700				47,800
Total liabilities		37,900				67,300
Equity
Common stock, $5 par value		154,500				124,000
Retained earnings		22,900				2,800
Total liabilities and equity	$	215,300			$	194,100

CRUZ, INC. Income Statement For Year Ended December 31, 2019
Sales				$	332,400
Cost of goods sold					213,900
Gross profit					118,500
Operating expenses
Depreciation expense	$	25,600
Other expenses		60,700			86,300
Income before taxes					32,200
Income taxes expense					11,800
Net income				$	20,400

Furniture costing $57,200 is sold at its book value in 2019. Acquisitions of furniture total $47,600 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. Complete the general ledger accounts to calculate cash received from the sale of furniture.

Furniture 7.14 points Beg. bal. eBook Hint End, bal Print References Accumulated Depreciation Beg. bal. End, bal Cost Accumulated depreciation Book value (Cash received)