CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Prepaid expenses Inventory...

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CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term)) Total Liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED 2020 $ 91,100 39,100 81,800 2019 $ 22,900 48,600 91,300 5,200 4,100 $ 306,000 $ 14,400 8,600 1,400 2,500 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 $ 306,000 $274,400 217,200 105,000 (16,200) $ 274,400 $ 20,200 4,500 166,900 116,200 (8,700) Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 Furniture costing $77,000 is sold at its book value in 2019. Acquisitions of furniture total $65,800 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 Ending balance Furniture Net income $ 28,800 Furniture costing $77,000 is sold at its book value in 2019. Acquisitions of furniture total $65,800 cash, on which no dep necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the furniture. Beginning balance Ending balance Furniture Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received) $ 0 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term)) Total Liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED 2020 $ 91,100 39,100 81,800 2019 $ 22,900 48,600 91,300 5,200 4,100 $ 306,000 $ 14,400 8,600 1,400 2,500 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 $ 306,000 $274,400 217,200 105,000 (16,200) $ 274,400 $ 20,200 4,500 166,900 116,200 (8,700) Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 Furniture costing $77,000 is sold at its book value in 2019. Acquisitions of furniture total $65,800 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 Ending balance Furniture Net income $ 28,800 Furniture costing $77,000 is sold at its book value in 2019. Acquisitions of furniture total $65,800 cash, on which no dep necessary because it is acquired at year-end. Complete the general ledger accounts to calculate cash received from the furniture. Beginning balance Ending balance Furniture Accumulated Depreciation Beginning balance Ending balance Cost Accumulated depreciation Book value (Cash received) $ 0