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2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 64,300 Accounts receivable, net 27,600 Inventory 57,700 Prepaid expenses 3,600 Total current assets 153,200 Furniture 72,600 Accum. depreciation-Furniture (11,200) Total assets $214,600 Liabilities and Equity Accounts payable $ 10, 100 Wages payable 6,000 Income taxes payable 1,000 Total current liabilities 17, 100 Notes payable (long-term) 20,600 Total liabilities 37,700 Equity Common stock, $5 par value 154,700 Retained earnings 22,200 Total liabilities and equity $214,600 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $193, 100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $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 T---- 60,300 Other expenses Income before taxes Income taxes expense Net income 85,700 32,100 11,700 $ 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. X Answer is not complete. Furniture Beg. bal. 82.200 Purchase of assets 61,900 Sale of assets 71,500 End. bal. 72,600 Accumulated Depreciation Beg. bal. 6,200 25,400 End. bal. 31,600 Cost 20,400 Prey 2 of 5 1 Next > Accumulated Depreciation Beg. bal. 6,200 25,400 End. bal. 31,600 Cost Accumulated depreciation Book value (Cash received) 20,400 25,400 X (5,000) $

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