ces CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net...

Transcribed Image Text:

ces CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net Prepaid expenses $ 89,000 38,200 $ 22,100 46,900 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 80,000 88,000 4,900 4,000 212,100 161,000 98,800 (15,300) 113,300 (8,600) $ 295,600 $ 265,700 $ 13,900 $ 19,600 8,200 4,600 Income taxes payable 1,400 2,600 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,500 26,800 28,900 69,000 52,400 95,800 215,000 28,200 169,100 800 Total liabilities and equity $ 295,600 $ 265,700 CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 Cost of goods sold $ 454,900 292,800 162,100 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 83,000 35,000 44,100 16,000 $ 28,100 Furniture costing $68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 cash, on which no depreciati necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale furniture. Beginning balance Furniture Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation 0 0 Book value (Cash received) $ 0 ces CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net Prepaid expenses $ 89,000 38,200 $ 22,100 46,900 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 80,000 88,000 4,900 4,000 212,100 161,000 98,800 (15,300) 113,300 (8,600) $ 295,600 $ 265,700 $ 13,900 $ 19,600 8,200 4,600 Income taxes payable 1,400 2,600 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,500 26,800 28,900 69,000 52,400 95,800 215,000 28,200 169,100 800 Total liabilities and equity $ 295,600 $ 265,700 CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 Cost of goods sold $ 454,900 292,800 162,100 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 83,000 35,000 44,100 16,000 $ 28,100 Furniture costing $68,200 is sold at its book value in 2021. Acquisitions of furniture total $53,700 cash, on which no depreciati necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the sale furniture. Beginning balance Furniture Ending balance Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation 0 0 Book value (Cash received) $ 0