Question

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 Retained earnings 170,300 27,400 $241,900 $218,300 134,800 5,700 Total 1iabilities and equity CRUZ, INC Income Statement For Year Ended December 31, 2019 $373,800 240,600 133,200 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense $28,800 68,300 97,100 36,100 13,100 $ 23,000 Net income Furniture costing $66,000 is sold at its book value in 2019. Acquisitions of furniture total $53,100 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 93,500 Beg. bal. Sale of assets 55,000 Purchase of assets 67,900 End. bal. 80,600 Accumulated Depreciation Beg. bal. 2019 depreciation 7,100 28,800 (23,400) Purchase of assets End. bal. 12,500 67,900 Cost 23,400 Accumulated depreciation 44,500 Book value (Cash received)

Answer 1

Furniture
Beg.bal	93500
Sale of assets		66000
Purchase of assets	53100
End.bal	80600
Accumulated Depreciation
Beg.bal		7100
2019 depreciation		28800
Sale of assets	23400
End.bal		12500
Cost	66000
Accumulated Depreciation	23400
Book value(cash received)	42600