Refer to the data in QS 16-7. 1. How much cash is received from sales to customers
Question:
Refer to the data in QS 16-7.
1. How much cash is received from sales to customers for year 2021?
2. What is the net increase or decrease in the Cash account for year 2021?
Data From QS 16-7
Required
Use the indirect method to prepare the operating activities section of Cruz’s statement of cash flows.
Transcribed Image Text:
CRUZ, INC. Comparative Balance Sheets At December 31 2021 2020 Assets Cash ... $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory... 85,800 95,800 Prepaid expenses.. 5,400 4,200 Total current assets 227,000 175,000 Furniture... 109,000 119,000 Accum. depreciation-Furniture .... Total assets.... (17,000) (9,000) $319,000 $285,000 CRUZ, INC. Income Statement Liabilities and Equity Accounts payable.... Wages payable... For Year Ended December 31, 2021 $ 15,000 $ 21,000 9,000 5,000 Sales ..... $488,000 Income taxes payable 1,400 2,600 Cost of goods sold .. Gross profit..... 314,000 Total current liabilities 25,400 28,600 174,000 Notes payable (long-term)........ Total liabilities.... 29,000 69,000 Operating expenses (excluding depreciation) 54,400 97,600 89,100 ..... Depreciation expense 37,600 Equity ... ... Common stock, $5 par value....... Retained earnings ... Total liabilities and equity.... Income before taxes.. 47,300 229,000 179,000 Income taxes expense.. 17,300 35,600 8,400 Net income .. $ 30,000 $319,000 $285,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Amount in Cash flows from operating activities Net Income ...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
1. How much cash is received from sales to customers for year 2011? 2. What is the net increase or decrease in cash for year2011? ORWELL, INC. Balance Sheets December 31,2011 2011 2010 2 Cashtt.....
-
Refer to the data in QS 12-6. QS12-6 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2013? 2. Assume that no additional notes payable are issued in...
-
Refer to the data in QS 12-7. 1. How much cash is received from sales to customers for year 2020? 2. What is the net increase or decrease in the Cash account for year 2020? QS 12-7. CRUZ, INC....
-
Determine the equations for the voltage and instantaneous Power in the network in Figure P 9.2 4 2225 A Figure P 92
-
A centrifugal compressor takes in ambient air at 100 kPa, 15C, and discharges it at 450 kPa. The compressor has an isentropic efficiency of 80%. What is your best estimate for the discharge...
-
A company has an inventory with a book value of $4,583,231, which includes 116 product lines and a total of 326,432 units. How many items compose this population for purposes of applying a...
-
Estimate the magnitude of the magnetic field at location 2 in Figure P27.14 if the magnetic field magnitude at location 1 is \(0.27 \mathrm{~T}\). Note that real magnetic field lines spread out in...
-
The December 31, 2014 statement of net assets of Mosholu Medical Center, a major urban hospital and research center, is presented below. The following transactions and events occurred in 2015: 1....
-
1 What is HRM 2 What is Training and Developmnt 3 What is Recruitment 4 What is Selection 5 What is HRP 6 What is Job Analysis 7 What is a Career Planning and Development 8 What is Job-Description 9...
-
1. If further investigation reveals the individuals identified had never been in a situation where there was a prior theft allegation, what would you advise Isabella to do? 2. If further...
-
Selected comparative financial statements of Tripoly Company follow. Required 1. Compute trend percents for all components of both statements using 2015 as the base year. Round percents to one...
-
Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000....
-
About 56% of U.S. high school students participate in athletics. You randomly select six U.S. high school students and ask them whether they participate in athletics. The random variable represents...
-
The bike you have been saving for is discounted 25% You have $400 saved to purchase it. The original, non-discounted price of the bike is $475. There is a 5.04% sales tax added to the price of the...
-
A non-dividend- paying stock is currently priced at 101, the continuously compounded annual interest rate is 0.05. A forward delivering one share of the stock after 1 year has a strike 106. What...
-
Use the ALEKS graphing calculator to find the: x-intercept(s) and vertex for the quadratic function. =fx-4x2-6x2 Round to the nearest hundredth if necessary. If there is more than one x-intercept,...
-
3) Consider the following history of stock returns Date Return 1995 15% 1996 23% 1997 -5% 1998 8% 1999 -10% a) Arithmetic average annual return over this 5-year time span is b) Geometric average...
-
1) (Bertrand Model with sequential move) Consider a Bertrand duopoly model with two firms, F and F selling two varieties of a product. The demand curve for Fi's product is 91 (P1-P2) = 10-P1 +0.5p2,...
-
Use the determinant to decide if each is singular or nonsingular. 4 2 (b) (a) (c) 2 1
-
The following data are supplied for the common stocks of Nikola Corporation, Tesla, Inc. and General Motors: Nikola Corp (NKLA) Tesla Inc. (TSLA) Close Price ($) Close Price ($) 67.53 30.00 40.81...
-
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the boxes that contain...
-
This chapter explained the purpose of managerial accounting in the context of the current business environment. Review the automobile section of your local newspaper; the Sunday paper is often best....
-
Many fast-food restaurants compete on lean business concepts. Match each of the following activities at a fast-food restaurant with the lean business concept it strives to achieve. Some activities...
-
What happens when you restore an operating system?
-
discuss the potential consequences of meiotic nondisjunction and its implications for reproductive fitness and genetic disorders?
-
How do homologous chromosomes recognize each other and undergo pairing, leading to the formation of bivalents during prophase I of meiosis?
Study smarter with the SolutionInn App