Refer to the data in QS.
In questions

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

Transcribed Image Text:

CRUZ, INC. Comparative Balance Sheets December 31,2015 4015 2014 Assets Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture .. Total assets$319,000 $285,000 Liabilities and Equit) 41,000 51,000 85,800 95,800 4,200 227,000 175,000 09,000 19,000 17,000 (9,000) 5,400 CRUZ, INC. Income Statement For Year Ended December 31,2015 payable $15,000 $21,000 5,000 Sales Wages payable . . Income taxes payablea Total current liabilities Notes payable (long-term).. Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 9,000 $488,000 314,000 74,000 1,400 25,400 28,600 Gross profit 29,000 69,000 54,400 97,600 Depreciation expense. Operating expenses $37,600 Other expenses ...89,100 126,700 47,300 17,300 $ 30,000 229,000 179,000 Income before taxes 35,600 8,400 ncome taxes expense....