A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 91,100 39,100 $ 22,900 48,600 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $306,000 $274,400 $ 14,400 $ 20,200 8,600 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $ 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $469,700 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes 302,300 167,400 85,900 Income taxes expense Net income 36,200 45,300 16,500 $28,800 LUMU LUCK, par Retained earnings 36,300 Total liabilities and equity $ 306,000 CRUZ, INCORPORATED Income Statement Sales Cost of goods sold 4/4,100 8,700 $ 274,400 For Year Ended December 31, 2021 $469,700 302,300 167,400 $5,900 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 36,200 45,300 16,500 $ 26,800 QS 12-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign. Cash Bows from operating activities A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 91,100 39,100 $ 22,900 48,600 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $306,000 $274,400 $ 14,400 $ 20,200 8,600 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $ 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $469,700 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes 302,300 167,400 85,900 Income taxes expense Net income 36,200 45,300 16,500 $28,800 LUMU LUCK, par Retained earnings 36,300 Total liabilities and equity $ 306,000 CRUZ, INCORPORATED Income Statement Sales Cost of goods sold 4/4,100 8,700 $ 274,400 For Year Ended December 31, 2021 $469,700 302,300 167,400 $5,900 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 36,200 45,300 16,500 $ 26,800 QS 12-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign. Cash Bows from operating activities
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker? Group of answer choices Preventive models Predictive models Descriptive models...
-
Your CEO routinely approves changes in the fire insurance policies of your firm to protect the value of its buildings and manufacturing equipment. Nevertheless, he argues that the firm should not buy...
-
Were there possibilities of agency problems within Stafford? Why or why not? Could managerial opportunism be an issue?
-
Think of a time when you have been very satisfied with a job you have held. What made that job satisfying? Also think of a time when you have been dissatisfied with a job you have held. What made...
-
Daryl Kearns saved $240,000 during the 30 years that he worked for a major corporation. Now he has retired at the age of 60 and has begun to draw a comfortable pension check every month. He wants to...
-
You have taken over the management of a project after the previous project manager left the company. You are analyzing the project s RACI chart to learn about the responsibilities of the project...
-
Your firm is considering introducing a new product into the current markets for their best product. The machine to produce the new product will cost $ 5 2 5 , 0 0 0 , and will require another $ 2 5 ,...
-
Consider a system given by the first-order open-loop transfer function as follows; G(s)=- bo s+a The same transfer function can be redescribed by dividing each term to system pole as follows; G(s)= K...
-
Shiela Forbes is the Chief Financial Officer [CFO] of MELBOURNE ENGINEERING, a U.S. based manufacturer of gas turbine equipment. She has just concluded negotiations for the sale of a turbine...
-
Golden Corp. is a young start-up company and therefore is not paying any dividends on the stock over the next 8 years. At the end of year 8, the company will pay a $5 dividend. The following year,...
-
You borrow $850616.63 to buy a house. the mortgage rate is 11.82% apr and the loan period is 29 years. Payments are made monthly. What is the balance on the loan in month 4? Assume no prepayments and...
-
An airplane undergoes the following displacements: First, it flies 203 km in a direction 40.8 east of north. Next, it flies 237 km due south. Finally, it flies 51.6 km 26.9 north of west. How far, d,...
-
Sunshine Hendricks owns a business called Dont Burn Man. Sunshine sets up shop for two weeks at the Burning Man festival outside of Gerlach, Nevada every year. This is the only business Dont Burn Man...
-
Determine which of the following limits exist. Compute the limits that exist. lim x-0 1- + 3x X
-
An increase in the demand for land will a. increase the price of land and increase the quantity of land supplied. b. increase the price of land but not change the quantity of land supplied. c....
-
At low levels of interest, borrowers will want to borrow ___ and suppliers of funds will want to supply ___. a. more; less b. less; more c. more; more d. less; less
-
How is the price of capital determined?
Study smarter with the SolutionInn App