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Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg. bal. Sale of assets 87,800 67,100 Purchase of assets 55,900 End. bal. 76,600 Accumulated Depreciation Beg. bal. 6,700 27,200 22,000 End. bal. 11,900

Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beg. bal. Sale of assets 87,800 67,100 Purchase of assets 55,900 End. bal. 76,600 Accumulated Depreciation Beg. bal. 6,700 27,200 22,000 End. bal. 11,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Book value, cost, accumulated depreciation
Accounts receivable, net Inventory Prepaid expenses 29,700 62,200 3,800 36,500 68,500 3,100 Total current assets 164,900 125, 300 76,600 (11,900) $229,600 Furniture 87,800 Accum. depreciation-Furniture (6,700) Total assets $206,400 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 $ 10,800 6,400 1,100 $ 15,200 3,600 2,000 18,300 22,700 41,000 20,800 53,100 73,900 162,900 25,700 $229,600 127,800 4,700 Total liabilities and equity $206,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $353,400 227,500 125,900 Cost of goods sold Gross profit Operating expenses Depreciation expense $27, 200 Other exnenses 64.500 91.700 < Prev 2 of 5 Next >
Transcribed Image Text:Accounts receivable, net Inventory Prepaid expenses 29,700 62,200 3,800 36,500 68,500 3,100 Total current assets 164,900 125, 300 76,600 (11,900) $229,600 Furniture 87,800 Accum. depreciation-Furniture (6,700) Total assets $206,400 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 $ 10,800 6,400 1,100 $ 15,200 3,600 2,000 18,300 22,700 41,000 20,800 53,100 73,900 162,900 25,700 $229,600 127,800 4,700 Total liabilities and equity $206,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $353,400 227,500 125,900 Cost of goods sold Gross profit Operating expenses Depreciation expense $27, 200 Other exnenses 64.500 91.700 < Prev 2 of 5 Next >
Income before taxes Income taxes expense 34,200 12,400 Net income $ 21,800 Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 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. Furniture Beg. bal. 87,800 Sale of assets 67,100 Purchase of assets 55,900 End. bal. 76,600 Accumulated Depreciation Beg. bal. 6,700 27,200 22,000 End. bal. 11,900 < Prev 2 of 5 Next >
Transcribed Image Text:Income before taxes Income taxes expense 34,200 12,400 Net income $ 21,800 Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 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. Furniture Beg. bal. 87,800 Sale of assets 67,100 Purchase of assets 55,900 End. bal. 76,600 Accumulated Depreciation Beg. bal. 6,700 27,200 22,000 End. bal. 11,900 < Prev 2 of 5 Next >
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