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

QS 16-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets $ 89, 212, lee s 13,g 26 , 8e 95 , 169 , l 215, 265 , 7 295, 600 292, 8 162, le 83 , e 35 e 44, lt 16 $ 28, le At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumu lated depreciationFurniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (longterm) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 221 38, 2e ge , e 4, g 98, 8e (15 3e) S 295,6 8,2e 1 4e 23,5 28, ge 52, 4 28 200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 221 2ze $ 22,1 46, ge 88, ee 4, ee 161, ee 113,3e (8 600) $ 265,700 $ 19,600 4, 6e 2 6e 69 8 S 454, 9 Sa les Cost of goods sold Gross profit Operating expenses (exc luding depreciation) Depreciation expense Income before taxes Income taxes expense Net income