QS 16-13 (Algo) Computing cash from asset sales LO P3

CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31	2021	2020
Assets
Cash	$ 71,600	$ 18,000
Accounts receivable, net	30,900	38,200
Inventory	64,700	71,700
Prepaid expenses	4,000	3,300
Total current assets	171,200	131,200
Furniture	80,600	93,500
Accumulated depreciationFurniture	(12,500)	(7,000)
Total assets	$ 239,300	$ 217,700
Liabilities and Equity
Accounts payable	$ 11,300	$ 16,000
Wages payable	6,800	3,800
Income taxes payable	1,100	2,100
Total current liabilities	19,200	21,900
Notes payable (long-term)	22,800	55,800
Total liabilities	42,000	77,700
Equity
Common stock, $5 par value	174,100	138,700
Retained earnings	23,200	1,300
Total liabilities and equity	$ 239,300	$ 217,700

CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales	$ 372,800
Cost of goods sold	239,900
Gross profit	132,900
Operating expenses (excluding depreciation)	68,100
Depreciation expense	28,700
Income before taxes	36,100
Income taxes expense	13,200
Net income	$ 22,900

Furniture costing $59,400 is sold at its book value in 2021. Acquisitions of furniture total $46,500 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.