cesQS 12-13 (Algo) Computing cash from asset sales LO P3CRUZ, INCORPORATEDComparative Balance Sheets2021At December 31AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulated depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableHages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods sold.Gross profit$ 64,30027,60057,7003,600Beginning balance153,20072,600(11,200)$ 214,600$ 10,1006,0001,000Furniture17,10020,60037,700CRUS, INCORPORATEDIncone StatementFor Year Ended December 31, 2021154,70022,200$ 214,600Operating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseHet income2020$ 16,10034,10064,0002,900117,10082,200(6,200)$ 193,100$ 14,2003,3001,80019,30047,70067,000123,7002,400$ 193,100$ 330,500212,700117,80060,300Furniture costing $71,500 is sold at its book value in 2021. Acquisitions of furniture total $61,900 cash, on which no depreciation isnecessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale offurniture.25,40032,10011,700$ 20,400 esSalesCost of goods soldGross profitCRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 2021Operating expenses (excluding depreciation)Depreciation expenseIncome before taxes.Income taxes expenseNet incomeFurniture costing $71,500 is sold at its book value in 2021. Acquisitions of furniture total $61,900 cash, on which no depreciation isnecessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale offurniture.Beginning balanceEnding balanceAccumulated DepreciationBeginning balanceEnding balanceFurniture$ 330,500212,700117,80060,30025,40032,10011,700$ 20,400CostAccumulated depreciationBook value (Cash received)

A ledger is a log or list of accounts that keep track of account transfers.

Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Furniture costing $71,500 is sold at its book value in 2021. Acquisitions of furniture total $61,900 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 Accumulated Depreciation Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100. 11,700 $ 20,400 Accumulated depreciation Book value (Cash received)

Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Furniture costing $71,500 is sold at its book value in 2021. Acquisitions of furniture total $61,900 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 Accumulated Depreciation Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100. 11,700 $ 20,400 Accumulated depreciation Book value (Cash received)

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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