Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $99,300$ ?$ $24,900$

Accounts receivable, net $42,60052,800$

Inventory $89,10099,200$

Prepaid expenses $5,6004,500$

Total current assets $236,600181,400$

Furniture $113,000127,500$

Accumulated depreciation$?$Furniture $(17,500)(9,600)$

Total assets $ $332,100$ ?$ $299,300$

Liabilities and Equity

Accounts payable $ $15,700$ ?$ $22,000$

Wages payable $9,4005,000$

Income taxes payable $1,5002,800$

Total current liabilities $26,60029,800$

Notes payable $($long$-$term$)30,90074,300$

Total liabilities $57,500104,100$

Equity

Common stock, $$5$ ?par value $241,200192,600$

Retained earnings $33,4002,600$

Total liabilities and equity $ $332,100$ ?$ $299,300$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $512,300$

Cost of goods sold $329,700$

Gross profit $182,600$

Operating expenses $($excluding depreciation$)93,500$

Depreciation expense $39,400$

Income before taxes $49,700$

Income taxes expense $18,100$

Net income $ $31,600$

Furniture costing $$74,800$ ?is sold at its book value in $2021.$ ?Acquisitions of furniture total $$60,300$ ?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.

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Beginning balance Sale of assets Ending balance Furniture 127,500 74,800 52,700 Accumulated Depreciation Beginning balance 9,600 Sale of assets 2021 depreciation Ending balance Cost Accumulated depreciation Book value (Cash received) 39,400 49,000 $ 74,800 EA $ 74,800 Beginning balance Sale of assets Ending balance Furniture 127,500 74,800 52,700 Accumulated Depreciation Beginning balance 9,600 Sale of assets 2021 depreciation Ending balance Cost Accumulated depreciation Book value (Cash received) 39,400 49,000 $ 74,800 EA $ 74,800