At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Prepaid expenses Inventory...
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At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 $ 64,300 27,600 57,700 2020 $ 16,100 34,100 64,000 3,600 2,900 153,200 117,100 72,600 (11,200) $ 214,600 $ 10,100 82,200 (6,200) $ 193,100 $ 14,200 6,000 3,300 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 17,100 19,300 20,600 47,700 37,700 67,000 154,700 123,700 22,200 2,400 Total liabilities and equity $ 214,600 $ 193,100 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 330,500 212,700 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 117,800 60,300 25,400 32,100 11,700 $ 20,400 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. Income before taxes Income taxes expense Net income 32,100 11,700 $ 20,400 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 Purchase of assets Sale of assets Furniture Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Ending balance Cost Accumulated depreciation Book value (Cash received) 0 0 0 At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 $ 64,300 27,600 57,700 2020 $ 16,100 34,100 64,000 3,600 2,900 153,200 117,100 72,600 (11,200) $ 214,600 $ 10,100 82,200 (6,200) $ 193,100 $ 14,200 6,000 3,300 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 17,100 19,300 20,600 47,700 37,700 67,000 154,700 123,700 22,200 2,400 Total liabilities and equity $ 214,600 $ 193,100 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 330,500 212,700 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 117,800 60,300 25,400 32,100 11,700 $ 20,400 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. Income before taxes Income taxes expense Net income 32,100 11,700 $ 20,400 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 Purchase of assets Sale of assets Furniture Ending balance Accumulated Depreciation Beginning balance 2021 depreciation Sale of assets Ending balance Cost Accumulated depreciation Book value (Cash received) 0 0 0
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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