CRUZ, INC. Comparative Balance Sheets December 31, 2015

CRUZ, INC.
Income Statement
For Year Ended December 31, 2015

Required
Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company.

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2015 2014 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation Furniture Total assets ····.. $ 94,800 24,000 51,000 95,800 4,200 175,000 109,000 19,000 (17,000)(9,000) $319,000 $285,000 41,000 85,800 227,000 Liabilities and Equity Accounts payable Wages payable.. ncome taxes payable Total current liabilities Notes payable (long-term) Total liabilities $. 15,000 9,000 1,400 25,400 29,000 54,400 21,000 5,000 600 28,600 69,000 97,600 Equity Common stock, $5 par value... Retained earnings Total liabilities and equity 229,000 179,000 8,400 $319,000 $285,000 35,600 Sales Cost of goods sold Gross profit Operating expenses $488,000 314,000 174,000 Depreciation expense--..···..- $37,600 Other expenses Income before taxes Income taxese Net incomer 89,100 126,700 47,300 17,300 30,000 xpense ·········..