Please do not give solution in image format thanku 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, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profit2021$ 64,40027,80058,2003,600Operating expenses (excluding depreciation)Depreciation expenseIncome before taxes154,00072,600(11,300)$ 215,300$ 10,1006,1001,00017,20020,70037,900154,50022,900$ 215,300CRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 20212020$ 16,20034,40064,6002,900118,10082,200(6,200)$ 194,100$ 14,3003,4001,80019,50047,80067,300124,0002,800$ 194,100$ 332,400213,900118,50060,70025,60032,200 Income taxes expenseNet incomeFurniture costing $57,200 is sold at its book value in 2021. Acquisitions of furniture total $47,600 cash, on which no depreciation isnecessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale offurniture.Beginning balanceSale of assetsPurchase of assetsEnding balanceAccumulated DepreciationBeginning balance2021 depreciationSale of assetsFurnitureEnding balanceCostAccumulated depreciationBook value (Cash received).011,800$ 20,4000

Fixed asset is known as property plant and equipment. It is shown under asset side of balance sheet.…

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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 6BE

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Subject : Accounting
use the following information to make a Common size income statement