QS 16-13 Computing cash from asset sales LO P3 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 75,900 Accounts receivable, net 32,600 Inventory 68,300 Prepaid expenses 4,200 Total current assets 181,000 Furniture 84,600 Accum. depreciation Furniture (13, 100) Total assets $252,500 Liabilities and Equity Accounts payable $ 11,900 Wages payable 7.100 Income taxes payable 1,200 Total current liabilities 20, 200 Notes payable (long-term) 24,800 Total liabilities 45,000 Equity Common stock, 65 par value 177,300 Retained earnings 30,200 Total liabilities and equity $252, 500 $ 10,900 40,100 75,300 3,500 137, 800 99,200 (7.500) $229,500 $ 16,900 4,000 2,200 23, 100 58,400 81, 500 141, 500 6,500 $229,500 CRUZ, INC Income Statement For Year Ended December 31, 2019 Sales $392,900 Cost of goods sold 252,900 Gross profit 140,000 Operating expenses Depreciation expense $30, 200 Other expenses 71,600 101,800 Income before taxes 38,200 Income taxes expense 13, 900 Net income $ 21,300 Furniture costing $63,800 is sold at its book value in 2019. Acquisitions of furniture total $49,200 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 Lakes expense Net income 38,200 13,900 $ 24, 300 Furniture costing $63,800 is sold at its book value in 2019. Acquisitions of furniture total $49.200 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 Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg, bal End, bal Accumulated Depreciation Beg. bal End. bal Cost Accumulated depreciation Book value (Cash received)