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

CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31	2021	2020
Assets
Cash	$ 82,800	$ 20,600
Accounts receivable, net	35,500	43,700
Inventory	74,300	82,000
Prepaid expenses	4,600	3,700
Total current assets	197,200	150,000
Furniture	92,800	104,800
Accumulated depreciationFurniture	(14,400)	(8,000)
Total assets	$ 275,600	$ 246,800
Liabilities and Equity
Accounts payable	$ 13,000	$ 18,200
Wages payable	7,700	4,300
Income taxes payable	1,300	2,400
Total current liabilities	22,000	24,900
Notes payable (long-term)	26,800	63,700
Total liabilities	48,800	88,600
Equity
Common stock, $5 par value	198,800	155,300
Retained earnings	28,000	2,900
Total liabilities and equity	$ 275,600	$ 246,800

CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales	$ 422,500
Cost of goods sold	271,900
Gross profit	150,600
Operating expenses (excluding depreciation)	77,100
Depreciation expense	32,500
Income before taxes	41,000
Income taxes expense	14,900
Net income	$ 26,100

Furniture costing $69,300 is sold at its book value in 2021. Acquisitions of furniture total $57,300 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.