QS 16-13 (Algo) Computing cash from asset sales LO P3 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 89,000 Accounts receivable, net 38,200 Inventory 80,000 Prepaid expenses 4,900 Total current assets 212,100 Furniture 98,800 Accumulated depreciation-Furniture (15,300) Total assets $ 295,600 Liabilities and Equity Accounts payable $ 13,900 Wages payable 8,200 Income taxes payable 1,400 Total current liabilities 23,500 Notes payable (long-term) 28,900 Total liabilities 52,400 Equity Common stock, $5 par value 215,000 Retained earnings 28,200 Total liabilities and equity $ 295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) $ 265,700 $ 19,600 4,600 2,600 26,800 69,000 95,800 169, 100 800 $ 265, 700 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 454,900 292,800 162,100 83,000 35,000 .. CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales 5454,900 Cost of goods sold 292,800 Gross profit 162,100 Operating expenses (excluding depreciation) 83,000 Depreciation expense 35,000 Income before taxes 44,100 Income taxen expense 16,000 Net income $ 28,100 Furniture costing $68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 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 Furniture Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance