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Income taxes expense Net income Furniture costing $57,200 is sold at its book value in 2021. Acquisitions of furniture total $47,600 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 Sale of assets Purchase of assets Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Furniture Ending balance Cost Accumulated depreciation Book value (Cash received) 11,800 $ 20,400 0

Income taxes expense Net income Furniture costing $57,200 is sold at its book value in 2021. Acquisitions of furniture total $47,600 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 Sale of assets Purchase of assets Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Furniture Ending balance Cost Accumulated depreciation Book value (Cash received) 11,800 $ 20,400 0

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 4MC: Stock subscriptions receivable are listed as __________ on the balance sheet. (a) current...
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At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets 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 Total liabilities and equity Sales Cost of goods sold Gross profit 2021 $ 64,400 27,800 58,200 3,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes 154,000 72,600 (11,300) $ 215,300 $ 10,100 6,100 1,000 17,200 20,700 37,900 154,500 22,900 $ 215,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2020 $ 16,200 34,400 64,600 2,900 118,100 82,200 (6,200) $ 194,100 $ 14,300 3,400 1,800 19,500 47,800 67,300 124,000 2,800 $ 194,100 $ 332,400 213,900 118,500 60,700 25,600 32,200
Transcribed Image Text:At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets 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 Total liabilities and equity Sales Cost of goods sold Gross profit 2021 $ 64,400 27,800 58,200 3,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes 154,000 72,600 (11,300) $ 215,300 $ 10,100 6,100 1,000 17,200 20,700 37,900 154,500 22,900 $ 215,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2020 $ 16,200 34,400 64,600 2,900 118,100 82,200 (6,200) $ 194,100 $ 14,300 3,400 1,800 19,500 47,800 67,300 124,000 2,800 $ 194,100 $ 332,400 213,900 118,500 60,700 25,600 32,200
Income taxes expense Net income Furniture costing $57,200 is sold at its book value in 2021. Acquisitions of furniture total $47,600 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 Sale of assets Purchase of assets Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Furniture Ending balance Cost Accumulated depreciation Book value (Cash received). 0 11,800 $ 20,400 0
Transcribed Image Text:Income taxes expense Net income Furniture costing $57,200 is sold at its book value in 2021. Acquisitions of furniture total $47,600 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 Sale of assets Purchase of assets Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Furniture Ending balance Cost Accumulated depreciation Book value (Cash received). 0 11,800 $ 20,400 0
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