QS $12-13($Algo$)$ Computing cash from asset sales LO P$3$

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $63,600$ $ $15,900$

Accounts receivable, net $27,40033,700$

Inventory $57,40063,300$

Prepaid expenses $3,5002,900$

Total current assets $151,900115,800$

Furniture $70,50082,200$

Accumulated depreciation$$Furniture $(10,900)(6,200)$

Total assets $ $211,500$ $ $191,800$

Liabilities and Equity

Accounts payable $ $10,000$ $ $14,100$

Wages payable $6,0003,300$

Income taxes payable $1,0001,800$

Total current liabilities $17,00019,200$

Notes payable $($long$-$term$)20,70047,800$

Total liabilities $37,70067,000$

Equity

Common stock, $$5$ par value $153,600124,000$

Retained earnings $20,200800$

Total liabilities and equity $ $211,500$ $ $191,800$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $328,400$

Cost of goods sold $211,300$

Gross profit $117,100$

Operating expenses $($excluding depreciation$)60,000$

Depreciation expense $25,300$

Income before taxes $31,800$

Income taxes expense $11,600$

Net income $ $20,200$

Furniture costing $$60,500$ is sold at its book value in $2021.$ Acquisitions of furniture total $$48,800$ 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.