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6 QS 12-13 Computing cash from asset sales LO P3 25 points CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 eBook Hint Print $ 82,800 35,500 74,300 4,600 197,200 92,800 (14 400) $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000 $246,800 References Assets Cash Accounts receivable, net 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 Notes payable (long-term) Total liabilities Equity Connon stock, $5 par value Retained earnings Total liabilities and equity $ 13,000 7,700 1,300 22,000 26,800 45,800 $ 18, 200 4,300 2,400 24,900 63,700 88,600 198,800 28,000 $275,600 155,300 2,900 $246,800 CRUZ, INC Income Statement For Year Ended December 31, 2019 Sales $422,500 Cost of goods sold 271,900 ME $275,600 $246,800 CRUZ, INC Income Statement For Year Ended December 31, 2019 Sales $422.500 Cost of goods sold 271, 900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 22,180 109,60 Income before taxes 41,000 Income taxes expense 14,900 Net income $26.100 Furniture costing $69.300 is sold at its book value in 2019. Acquisitions of furniture total $57,300 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 .. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg bal OOK Rint End bal 0 Accumulated Depreciation tences Beg bal End bal Cost Accumulated depreciation Book value (Cash received) S

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