A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance...
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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable. Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Common stock, $5 par value Retained earnings Total liabilities and equity 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 85,900 36,900 77,200 4,900 204,900 98,900 (15,380) $ 288,500 $ 13,600 8,100 1,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 23,000 26,800 49,800 207,600 31,100 $ 288,500 $ 21,600 45,800 86,000 3,900 157,380 110,500 (8,300) $ 259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165,100 4,900 $ 259,500 $444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable. Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Common stock, $5 par value Retained earnings Total liabilities and equity 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 85,900 36,900 77,200 4,900 204,900 98,900 (15,380) $ 288,500 $ 13,600 8,100 1,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 23,000 26,800 49,800 207,600 31,100 $ 288,500 $ 21,600 45,800 86,000 3,900 157,380 110,500 (8,300) $ 259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165,100 4,900 $ 259,500 $444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.)
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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