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QS 16-13 Computing cash from asset sales LO P3 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 64,300 $ 16,100

QS 16-13 Computing cash from asset sales LO P3

CRUZ, INC. Comparative Balance Sheets December 31, 2019
2019 2018
Assets
Cash $ 64,300 $ 16,100
Accounts receivable, net 27,600 34,100
Inventory 57,700 64,000
Prepaid expenses 3,600 2,900
Total current assets 153,200 117,100
Furniture 72,600 82,200
Accum. depreciationFurniture (11,200 ) (6,200 )
Total assets $ 214,600 $ 193,100
Liabilities and Equity
Accounts payable $ 10,100 $ 14,200
Wages payable 6,000 3,300
Income taxes payable 1,000 1,800
Total current liabilities 17,100 19,300
Notes payable (long-term) 20,600 47,700
Total liabilities 37,700 67,000
Equity
Common stock, $5 par value 154,700 123,700
Retained earnings 22,200 2,400
Total liabilities and equity $ 214,600 $ 193,100

CRUZ, INC. Income Statement For Year Ended December 31, 2019
Sales $ 330,500
Cost of goods sold 212,700
Gross profit 117,800
Operating expenses
Depreciation expense $ 25,400
Other expenses 60,300 85,700
Income before taxes 32,100
Income taxes expense 11,700
Net income $ 20,400

Furniture costing $71,500 is sold at its book value in 2019. Acquisitions of furniture total $61,900 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.

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