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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: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
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
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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