Menu options under Furniture & Accumulated Depreciation table: - 2017 Depreciati
ID: 2568867 • Letter: M
Question
Menu options under Furniture & Accumulated Depreciation table:
- 2017 Depreciation
- Cash
- Purchase of assets
- Sale of assets
Please show me the values that are needed for each table!
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 AssetS Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets $ 91,100 22,900 48,600 91,300 4,100 166,900 116,200 39,100 81,800 5,200 217, 200e 105,000 (16,200) (8,700) $306,000 $274,400 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total 1iabilities Equity Common stock, $5 par value Retained earnings $. 14,400 8,600 1,400 24,400 20,200 4,500 2,500 27,200 66,400 93,600 53,300 3 -500 172,100 8,700 $306,000 $274,400 216,400 36,300 Total liabilities and equityExplanation / Answer
Ending balance = 116,200+65,000 - 76,200
= 105,000
Depreciation charged in the income statement = 36,200. Increase in accumulated depreciation = 16200-8700 = 7500
Depreciation charged to furniture sold = 8700+36200-16200 = 28700.
Thus cash inlfow = 76200 - 28700
= $ 47,500
Furniture Beginning balance 116,200.00 76,200.00 Sale of furniture Purchase 65,000.00 Ending balance 105,000.00