Homework Answers
Answer:
| Furniture | ||
| Beg. Bal. | $127,500 | |
| Purchase of assets | $60,300 | |
| Sale of assets | $74,800 | |
| End. Bal. | $113,000 | |
| Accumulated Depreciation | ||
| Beg. Bal. | $9,600 | |
| 2019 Depreciation | $39,400 | |
| Sale of assets* | $31,500 | |
| End. Bal. | $17,500 | |
| Cost | $74,800 | |
| Accumulated depreciation* | ($31,500) | |
| Book value (cash received) | $43,300 | |
Calculations:
*Accumulated depreciation on Sold furniture:
| Accumulated depreciation, beginning | $9,600 |
| Add: 2019 Depreciation | $39,400 |
| (Less): Accumulated depreciation, ending | ($17,500) |
| Accumulated depreciation on sold furniture | $31,500 |
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2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable,...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
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2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
Complete the general ledger accounts to calculate cash received from the sale of furniture. 2018 CRUZ,...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
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CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory...
CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equitv Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 22,100 46,900 88,000 4,000 161,000 113,300 38,200 80,000 4,900 212,100 98,800 (15,300) (8,600) $295,600 $265,700 $ 13,900 19,600 4,600 2,600 26,800 69,000...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash 72,900 18,100 31,300 65,600...
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6 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2016 66,100 28,500 59,700 3,700...
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CRUZ INL. Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41, 85, see 5,4ee 227,880 199,000 (17, eee) $319, eee $ 24,000 51, eee 95,888 4, 2ee 175, eee 119,000 (9,808) $285, 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 Common stock, $5 par value Retained earnings Total liabilities and equity...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ,...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 $ 94,800 41.000 85,800 5,400 227,000 109,000 (17,000) $319,000 $ 24,000 51.000 95,800 4,200 175,000 119,000 (9.000) $285,000 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 Common stock, $5 par value Retained earnings Total liabilities and equity $ 15,000 $ 21.000 9,000 5,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 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 Common stock, $5 par value Retained earnings $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
Complete the general ledger accounts to calculate cash received
from the sale of furniture.
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,780 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value...
CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equitv Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 22,100 46,900 88,000 4,000 161,000 113,300 38,200 80,000 4,900 212,100 98,800 (15,300) (8,600) $295,600 $265,700 $ 13,900 19,600 4,600 2,600 26,800 69,000...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash 72,900 18,100 31,300 65,600 4000 Accounts receivable, net Inventory Prepaid expenses 38,400 72,100 3,300 Total current asseta 173,800 131,900 93,500 Furniture 80,600 (12,500) Accum. depreciation-Purniture (7,100) $218,300 $241,900 Total assets Liabilitios and Equity Aееounta payable Wages payable Ineone taxes payable Total current 1iabilities $11,400 6,800 1,200 19,400 24,800 44.200 16,100 3,800 2,100 22,000 55,800 77.800 Notes payable (long-tern) Total liabilities Equity Common stock, $5 par value Retained earnings...
6 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2016 66,100 28,500 59,700 3,700 158,000 74,600 (11,600) $221,000 $ 16,600 35,200 66,100 13,000 120,900 85,000 6,400) $199,500 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 Common stock, $5 par value Retained earnings Total liabilities and equity $ 10,400 6,300 1,000 17,700...
CRUZ INL. Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41, 85, see 5,4ee 227,880 199,000 (17, eee) $319, eee $ 24,000 51, eee 95,888 4, 2ee 175, eee 119,000 (9,808) $285, 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 Common stock, $5 par value Retained earnings Total liabilities and equity...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
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