Furniture costing S68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 cash, on which no depreciation necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance
Furniture costing S68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 cash, on which no depreciation necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale of furniture. Furniture Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
$ 454,900
292,800
162, 100
83,000
35,000
44, 100
16,000
$ 28,100
Sales
Cost of gooda sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxen expense
Net income
Furniture costing $68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 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.
Furniture
Beginning balance
Ending balance
Accumulated Depreciation
Beginning balance
Ending balance

Transcribed Image Text:QS 16-13 (Algo) Computing cash from asset sales LO P3
CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31
2021
2020
Assets
$ 89,000
38,200
৪0, 000
$ 22,100
46,900
88,000
4,000
Cash
Accounts receivable, net
Inventory
Prepaid expenses
4,900
212,100
Total current assets
161,000
Furniture
98,800
113,300
(8,600)
$ 265,700
Accumulated depreciation-Furniture
(15,300)
$ 295,600
Total assets
Liabilities and Equity
Accounts payable
Wages payable
Income taxes payable
$ 13,900
8,200
1,400
23,500
28,900
52,400
$ 19,600
4,600
2,600
26,800
69,000
95,800
Total current liabilities
Notes payable (long-term)
Total liabilities
Equity
Common stock, $5 par value
Retained earnings
215,000
28,200
$ 295,600
169,100
800
Total liabilities and equity
$ 265,700
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales
Cost of goods sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
$ 454,900
292,800
162,100
৪3, 0০০
35,000
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