S 12-13 Computing cash from asset sales LO P3 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net $ 97,400 $ 24,400 41,800 51,700 Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable. Wages payable Income taxes payable Total current liabilities 87,400 97,100 5,500 4,400 232,100 177,600 111,000 124,700 (17,200) (9,400) $325,900 $292,900 $ 15,400 $ 21,500 9,200 4,900 1,500 2,700 26,100 29,100 Notes payable (long-term) 30,900 71,600 Equity Total liabilities Common stock, $5 par value Retained earnings 57,000 100,700 232,600 185,600 36,300 6,600 Total liabilities and equity $325,900 $292,900 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold $501,300 322,600 Sales CRUZ, INC. Income Statement For Year Ended December 31, 2019. $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation expense $38,600 other expenses 91,600 130,200 Income before taxes Income taxes expense Not income 48,500 17,700 $ 30,800 Furniture costing $73,700 is sold at its book value in 2019. Acquisitions of furniture total $60,000 cash, on which no depreciation in 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. Beg. bal. End bal Furniture Accumulated Depreciation Beg bal Complete the general ledger accounts to calculate cash received from the sale of furniture. Beg. bal. End, bal. Beg. bal. End. bal. Furniture Accumulated Depreciation Cost Accumulated depreciation Book value (Cash received)