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

CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31	2021	2020
Assets
Cash	$ 73,200	$ 18,300
Accounts receivable, net	31,400	38,800
Inventory	65,700	72,800
Prepaid expenses	4,100	3,300
Total current assets	174,400	133,200
Furniture	82,700	93,500
Accumulated depreciationFurniture	(12,800)	(7,100)
Total assets	$ 244,300	$ 219,600
Liabilities and Equity
Accounts payable	$ 11,500	$ 16,200
Wages payable	6,800	3,800
Income taxes payable	1,100	2,100
Total current liabilities	19,400	22,100
Notes payable (long-term)	22,700	55,700
Total liabilities	42,100	77,800
Equity
Common stock, $5 par value	173,100	134,500
Retained earnings	29,100	7,300
Total liabilities and equity	$ 244,300	$ 219,600

CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales	$ 375,900
Cost of goods sold	241,900
Gross profit	134,000
Operating expenses (excluding depreciation)	68,600
Depreciation expense	28,900
Income before taxes	36,500
Income taxes expense	13,300
Net income	$ 23,200

Furniture costing $70,400 is sold at its book value in 2021. Acquisitions of furniture total $59,600 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.