QS 16-13 Computing cash from asset sales LO P3

CRUZ, INC. Comparative Balance Sheets December 31, 2019
		2019				2018
Assets
Cash	$	66,100			$	16,600
Accounts receivable, net		28,500				35,200
Inventory		59,700				66,100
Prepaid expenses		3,700				3,000
Total current assets		158,000				120,900
Furniture		74,600				85,000
Accum. depreciationFurniture		(11,600	)			(6,400	)
Total assets	$	221,000			$	199,500
Liabilities and Equity
Accounts payable	$	10,400			$	14,700
Wages payable		6,300				3,500
Income taxes payable		1,000				1,900
Total current liabilities		17,700				20,100
Notes payable (long-term)		20,700				50,500
Total liabilities		38,400				70,600
Equity
Common stock, $5 par value		159,500				125,000
Retained earnings		23,100				3,900
Total liabilities and equity	$	221,000			$	199,500

CRUZ, INC. Income Statement For Year Ended December 31, 2019
Sales				$	341,600
Cost of goods sold					219,800
Gross profit					121,800
Operating expenses
Depreciation expense	$	26,300
Other expenses		62,400			88,700
Income before taxes					33,100
Income taxes expense					12,100
Net income				$	21,000

Furniture costing $58,300 is sold at its book value in 2019. Acquisitions of furniture total $47,900 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.

CRUZ, INC. Income Statement Fort Year Ended December 31, 2019 Sales 5341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $ 26,300 Other expenses 62,400 88,200 Income before taxes 33,100 Income taxes expense 12,100 Net Income $ 21,000 Furniture costing $58,300 is sold at its book value in 2019. Acquisitions of furniture total $47.900 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 Furniture Bogball End ball Accumulated Depreciation Beba End bal Cost Accumulated deprecation Book value (Cash roved * arch