Comparative Balance Sheets At December 3 1 2 0 2 1 2 0 2 0
Question:
Comparative Balance Sheets
At December
Assets
Cash $ ?$
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
Furniture
Accumulated depreciationFurniture
Total assets $ ?$
Liabilities and Equity
Accounts payable $ ?$
Wages payable
Income taxes payable
Total current liabilities
Notes payable longterm
Total liabilities
Equity
Common stock, $ ?par value
Retained earnings
Total liabilities and equity $ ?$
CRUZ, INCORPORATED
Income Statement
For Year Ended December
Sales $
Cost of goods sold
Gross profit
Operating expenses excluding depreciation
Depreciation expense
Income before taxes
Income taxes expense
Net income $
Furniture costing $ ?is sold at its book value in ?Acquisitions of furniture total $ ?cash, on which no depreciation is necessary because it is acquired at yearend. Complete the general ledger accounts to calculate cash received from the sale of furniture.
Fundamentals Of Financial Management
ISBN: 9780273713630
13th Revised Edition
Authors: James Van Horne, John Wachowicz