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Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 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. Beginning balance Ending balance Beginning balance Ending balance Cost Accumulated Depreciation Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100. 11,700 $ 20,400 Accumulated depreciation Book value (Cash received)

Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 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. Beginning balance Ending balance Beginning balance Ending balance Cost Accumulated Depreciation Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100. 11,700 $ 20,400 Accumulated depreciation Book value (Cash received)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 14P: (Appendix 21.1) Operating Cash Flows Refer to the information for Lamberson Company in P21-6....
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ces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $ 193,100 $ 330,500 212,700 117,800 60,300 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. 25,400 32,100 11,700 $ 20,400
Transcribed Image Text:ces QS 12-13 (Algo) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold. Gross profit $ 64,300 27,600 57,700 3,600 Beginning balance 153,200 72,600 (11,200) $ 214,600 $ 10,100 6,000 1,000 Furniture 17,100 20,600 37,700 CRUS, INCORPORATED Incone Statement For Year Ended December 31, 2021 154,700 22,200 $ 214,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Het income 2020 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $ 193,100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $ 193,100 $ 330,500 212,700 117,800 60,300 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. 25,400 32,100 11,700 $ 20,400
es Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income 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. Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100 11,700 $ 20,400 Cost Accumulated depreciation Book value (Cash received)
Transcribed Image Text:es Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income 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. Beginning balance Ending balance Accumulated Depreciation Beginning balance Ending balance Furniture $ 330,500 212,700 117,800 60,300 25,400 32,100 11,700 $ 20,400 Cost Accumulated depreciation Book value (Cash received)
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