A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 71,600 $ 18,000 Accounts receivable, net 30,900 38,200 Inventory 64,700 71,700 Prepaid expenses 4,000 3,300 Total current assets 171,200 131,200 Furniture 80,600 93,500 Accum. depreciation-Furniture (12,500) (7,000) Total assets $239, 300 $217,700 Liabilities and Equity Accounts payable $ 11,300 $ 16,000 Wages payable 6,800 3,800 Income taxes payable 1,100 2,100 Total current liabilities 19,200 21,900 Notes payable (long-term) 22,800 55,800 Total liabilities 42,000 77,700 Equity Common stock, $5 par value 174,100 138,700 Retained earnings 23, 200 1,300 Total liabilities and equity $239,300 $217,700 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $372,800 Cost of goods sold 239,900 Gross profit 132,900 narinn vnoncen CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $372,800 Cost of goods sold 239,900 Gross profit 132,900 Operating expenses Depreciation expense $28,700 Other expenses 68, 100 96,800 Income before taxes 36,100 Income taxes expense 13,200 Net income $ 22,900 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $61,900 is sold at its book value in 2017. Acquisitions of furniture total $49,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture Beg. bal. Sale of assets 40,100 392,900 (32,600) 400,400 ok End. bal. nt int Accumulated Depreciation Beg. bal. ences 28,700 End. bal. 28,700 $ Cost Accumulated depreciation Book value (Cash received) 61,900 (18,900) 43,000 $