Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.]

A comparative balance sheet and income statement is shown for Cruz, Inc.

CRUZ, INC. Comparative Balance Sheets December 31, 2018
		2018				2017
Assets
Cash	$	64,400			$	16,200
Accounts receivable, net		27,800				34,400
Inventory		58,200				64,600
Prepaid expenses		3,600				2,900
Total current assets		154,000				118,100
Furniture		72,600				82,200
Accum. depreciationFurniture		(11,300	)			(6,200	)
Total assets	$	215,300			$	194,100
Liabilities and Equity
Accounts payable	$	10,100			$	14,300
Wages payable		6,100				3,400
Income taxes payable		1,000				1,800
Total current liabilities		17,200				19,500
Notes payable (long-term)		20,700				47,800
Total liabilities		37,900				67,300
Equity
Common stock, $5 par value		154,500				124,000
Retained earnings		22,900				2,800
Total liabilities and equity	$	215,300			$	194,100

CRUZ, INC. Income Statement For Year Ended December 31, 2018
Sales				$	332,400
Cost of goods sold					213,900
Gross profit					118,500
Operating expenses
Depreciation expense	$	25,600
Other expenses		60,700			86,300
Income before taxes					32,200
Income taxes expense					11,800
Net income				$	20,400

QS 12-12 Computing cash from asset sales LO P3

Furniture costing $56,600 is sold at its book value in 2018. Acquisitions of furniture total $47,000 cash, on which no depreciation is necessary because it is acquired at year-end. Complete the T-accounts below to determine the cash received from the sale of furniture.

Furniture Beg. bal. End. bal. Accumulated Depreciation Beg. bal End. bal. 0 Cash received from sale of furniture Cost Accumulated depreciation Book value (Cash received) 0