12 A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 Part 3 of 3 Assets Cash 2017 2016 Accounts receivable, net $ 73,200 31,400 $ 18,300 38,800 1 points Skipped Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 65,700 72,800 4,100 3,300 174,400 133,200 82,700 93,500 (12,800) (7,100) $244,300 $219,600 $ 11,500 $ 16,200 6,800 3,800 eBook Income taxes payable 1,100 2,100 Hint Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 19,400 22,100 22,700 55,700 42,100 77,800 173,100 134,500 29,100 7,300 Print Total liabilities and equity $244,300 $219,600 References CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $375,900 241,900 134,000 $28,900 68,600 97,500 36,500 13,300 $ 23,200 QS 12-13 Computing financing cash outflows LO P3 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Retained Earnings Beg. bal. End. bal. 0 Beg. bal. Notes Payable End. bal. 0