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

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $64,300$ $ $16,100$

Accounts receivable, net $27,60034,100$

Inventory $57,70064,000$

Prepaid expenses $3,6002,900$

Total current assets $153,200117,100$

Furniture $72,60082,200$

Accumulated depreciation$$Furniture $(11,200)(6,200)$

Total assets $ $214,600$ $ $193,100$

Liabilities and Equity

Accounts payable $ $10,100$ $ $14,200$

Wages payable $6,0003,300$

Income taxes payable $1,0001,800$

Total current liabilities $17,10019,300$

Notes payable $($long$-$term$)20,60047,700$

Total liabilities $37,70067,000$

Equity

Common stock, $$5$ par value $154,700123,700$

Retained earnings $22,2002,400$

Total liabilities and equity $ $214,600$ $ $193,100$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $330,500$

Cost of goods sold $212,700$

Gross profit $117,800$

Operating expenses $($excluding depreciation$)60,300$

Depreciation expense $25,400$

Income before taxes $32,100$

Income taxes expense $11,700$

Net income $ $20,400$

Furniture costing $$71,500$ is sold at its book value in $2021.$ Acquisitions of furniture total $$61,900$ 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.