Home / Expert Answers / Accounting / cruz-incorporated-comparative-balance-sheets-at-december-31-2021-2020-assets-cash-73-200-1-pa984

(Solved): CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 73,200 $ 1 ...



CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 73,200 $ 18,300 Accounts receivable, net 31,400 38,800 Inventory 65,700 72,800 Prepaid expenses 4,100 3,300 Total current assets 174,400 133,200 Furniture 82,700 93,500 Accumulated depreciation—Furniture (12,800) (7,100) Total assets $ 244,300 $ 219,600 Liabilities and Equity Accounts payable $ 11,500 $ 16,200 Wages payable 6,800 3,800 Income taxes payable 1,100 2,100 Total current liabilities 19,400 22,100 Notes payable (long-term) 22,700 55,700 Total liabilities 42,100 77,800 Equity Common stock, $5 par value 173,100 134,500 Retained earnings 29,100 7,300 Total liabilities and equity $ 244,300 $ 219,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses (excluding depreciation) 68,600 Depreciation expense 28,900 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 Furniture costing $70,400 is sold at its book value in 2021. Acquisitions of furniture total $59,600 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.



We have an Answer from Expert

View Expert Answer

Expert Answer


We have an Answer from Expert

Buy This Answer $5

Place Order

We Provide Services Across The Globe