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

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $71,600$ $ $18,000$

Accounts receivable, net $30,90038,200$

Inventory $64,70071,700$

Prepaid expenses $4,0003,300$

Total current assets $171,200131,200$

Furniture $80,60093,500$

Accumulated depreciation$$Furniture $(12,500)(7,000)$

Total assets $ $239,300$ $ $217,700$

Liabilities and Equity

Accounts payable $ $11,300$ $ $16,000$

Wages payable $6,8003,800$

Income taxes payable $1,1002,100$

Total current liabilities $19,20021,900$

Notes payable $($long$-$term$)22,80055,800$

Total liabilities $42,00077,700$

Equity

Common stock, $$5$ par value $174,100138,700$

Retained earnings $23,2001,300$

Total liabilities and equity $ $239,300$ $ $217,700$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $372,800$

Cost of goods sold $239,900$

Gross profit $132,900$

Operating expenses $($excluding depreciation$)68,100$

Depreciation expense $28,700$

Income before taxes $36,100$

Income taxes expense $13,200$

Net income $ $22,900$

Furniture costing $$59,400$ is sold at its book value in $2021.$ Acquisitions of furniture total $$46,500$ 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.