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

CRUZ, INCORPORATED

Comparative Balance Sheets

At December $3120212020$

Assets

Cash $ $69,200$ $ $17,200$

Accounts receivable, net $29,70036,500$

Inventory $62,20068,500$

Prepaid expenses $3,8003,100$

Total current assets $164,900125,300$

Furniture $76,60087,800$

Accumulated depreciation$$Furniture $(11,900)(6,700)$

Total assets $ $229,600$ $ $206,400$

Liabilities and Equity

Accounts payable $ $10,800$ $ $15,200$

Wages payable $6,4003,600$

Income taxes payable $1,1002,000$

Total current liabilities $18,30020,800$

Notes payable $($long$-$term$)22,70053,100$

Total liabilities $41,00073,900$

Equity

Common stock, $$5$ par value $162,900127,800$

Retained earnings $25,7004,700$

Total liabilities and equity $ $229,600$ $ $206,400$

CRUZ, INCORPORATED

Income Statement

For Year Ended December $31,2021$

Sales $ $353,400$

Cost of goods sold $227,500$

Gross profit $125,900$

Operating expenses $($excluding depreciation$)64,500$

Depreciation expense $27,200$

Income before taxes $34,200$

Income taxes expense $12,400$

Net income $ $21,800$

Furniture costing $$67,100$ is sold at its book value in $2021.$ Acquisitions of furniture total $$55,900$ 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.