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 2021 2020 Assets Cash $ 15,700 PAYS Accounts receivable, net $ 62,700 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 149,800 114,400 Total current assets Furniture 70,500 82,200 Accumulated depreciation-Furniture (10,900) (6,200) Total assets $ 209,400 $190,400 Liabilities and Equity Accounts payable Wages payable $ 9,900 $ 14,000 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities 16,800 19, 100 20,700 47,800 Notes payable (long-term) Total liabilities 37,500 66,900 Equity Common stock, $5 par value: 152,200 123,000 Retained earnings 19,700 500 Total liabilities and equity $ 209,400 $ 190,400. CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 326,000 209,800 Cost of goods sold Gross profit 116, 200 Operating expenses (excluding depreciation) 59,500 25,100 Depreciation expense Income before taxes Income taxes expense 31,600 11,500 Net income $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid Retained Earnings Beginning balance Ending balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to 2021? Notes Payable Beginning balance Ending balance A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 15,700 PAYS Accounts receivable, net $ 62,700 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 149,800 114,400 Total current assets Furniture 70,500 82,200 Accumulated depreciation-Furniture (10,900) (6,200) Total assets $ 209,400 $190,400 Liabilities and Equity Accounts payable Wages payable $ 9,900 $ 14,000 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities 16,800 19, 100 20,700 47,800 Notes payable (long-term) Total liabilities 37,500 66,900 Equity Common stock, $5 par value: 152,200 123,000 Retained earnings 19,700 500 Total liabilities and equity $ 209,400 $ 190,400. CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 326,000 209,800 Cost of goods sold Gross profit 116, 200 Operating expenses (excluding depreciation) 59,500 25,100 Depreciation expense Income before taxes Income taxes expense 31,600 11,500 Net income $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid Retained Earnings Beginning balance Ending balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to 2021? Notes Payable Beginning balance Ending balance A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 15,700 PAYS Accounts receivable, net $ 62,700 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 149,800 114,400 Total current assets Furniture 70,500 82,200 Accumulated depreciation-Furniture (10,900) (6,200) Total assets $ 209,400 $190,400 Liabilities and Equity Accounts payable Wages payable $ 9,900 $ 14,000 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities 16,800 19, 100 20,700 47,800 Notes payable (long-term) Total liabilities 37,500 66,900 Equity Common stock, $5 par value: 152,200 123,000 Retained earnings 19,700 500 Total liabilities and equity $ 209,400 $ 190,400. CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 326,000 209,800 Cost of goods sold Gross profit 116, 200 Operating expenses (excluding depreciation) 59,500 25,100 Depreciation expense Income before taxes Income taxes expense 31,600 11,500 Net income $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid Retained Earnings Beginning balance Ending balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to 2021? Notes Payable Beginning balance Ending balance A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 15,700 PAYS Accounts receivable, net $ 62,700 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 149,800 114,400 Total current assets Furniture 70,500 82,200 Accumulated depreciation-Furniture (10,900) (6,200) Total assets $ 209,400 $190,400 Liabilities and Equity Accounts payable Wages payable $ 9,900 $ 14,000 5,900 3,300 Income taxes payable 1,000 1,800 Total current liabilities 16,800 19, 100 20,700 47,800 Notes payable (long-term) Total liabilities 37,500 66,900 Equity Common stock, $5 par value: 152,200 123,000 Retained earnings 19,700 500 Total liabilities and equity $ 209,400 $ 190,400. CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 326,000 209,800 Cost of goods sold Gross profit 116, 200 Operating expenses (excluding depreciation) 59,500 25,100 Depreciation expense Income before taxes Income taxes expense 31,600 11,500 Net income $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid Retained Earnings Beginning balance Ending balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to 2021? Notes Payable Beginning balance Ending balance
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Cash flow from operating activities Net income as per income statement 20100 Depreciation ... View the full answer
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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