Book value, cost, accumulated depreciation Accounts receivable, netInventoryPrepaid expenses29,70062,2003,80036,50068,5003,100Total current assets164,900125, 30076,600(11,900)$229,600Furniture87,800Accum. depreciation-Furniture(6,700)Total assets$206,400Liabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earnings$ 10,8006,4001,100$ 15,2003,6002,00018,30022,70041,00020,80053,10073,900162,90025,700$229,600127,8004,700Total liabilities and equity$206,400CRUZ, INC.Income StatementFor Year Ended December 31, 2019Sales$353,400227,500125,900Cost of goods soldGross profitOperating expensesDepreciation expense$27, 200Other exnenses64.50091.700< Prev2 of 5Next > Income before taxesIncome taxes expense34,20012,400Net income$ 21,800Furniture costing $67,100 is sold at its book value in 2019. Acquisitions of furniture total $55,900 cash, on which no depreciation isnecessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale offurniture.Complete the general ledger accounts to calculate cash received from the sale of furniture.FurnitureBeg. bal.87,800Sale of assets67,100Purchase of assets55,900End. bal.76,600Accumulated DepreciationBeg. bal.6,70027,20022,000End. bal.11,900< Prev2 of 5Next >

Depreciation is an Gradual decrease in the value of assets over the period of time due to its usage…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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
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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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