Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300 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. At December 31AssetsCashCRUZ, INCORPORATEDComparative Balance SheetsAccounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulated depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equity2021SalesCost of goods soldGross profit$ 99,30042,60089,1005,600236,600113,000(17,500)$ 332,100$ 15,7009,4001,50026,60030,90057,500241,20033,400$ 332,100CRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 2021Operating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet income2020$ 24,90052,80099,2004,500181,400127,500(9,600)$ 299,300$ 22,0005,0002,80029,80074,300104, 100192,6002,600$ 299,300$ 512,300329,700182,60093,50039,40049,70018,100$ 31,600 Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300 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.Beginning balanceEnding balanceBeginning balanceEnding balanceCostFurnitureAccumulated DepreciationAccumulated depreciationBook value (Cash received)000

Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300 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. Beginning balance Ending balance Beginning balance Ending balance Cost Furniture Accumulated Depreciation Accumulated depreciation Book value (Cash received) 0 0 $

Furniture costing $74,800 is sold at its book value in 2021. Acquisitions of furniture total $60,300 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. Beginning balance Ending balance Beginning balance Ending balance Cost Furniture Accumulated Depreciation Accumulated depreciation Book value (Cash received) 0 0 $

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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