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 Prepaid expenses 2021 2020 $ 97,400 41,800 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 87,400 $ 24,400 51,700 97,100 5,500 4,400 232,100 177,600 111,000 124,700 (17,200) (9,400) $ 325,900 $ 292,900 $ 15,400 $ 21,500 9,200 4,900 Income taxes payable 1,500 2,700 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 26,100 29,100 30,900 71,600 57,000 100,700 232,600 36,300 185,600 6,600 Total liabilities and equity $ 325,900 $ 292,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 501,300 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 322,600 178,700 91,600 38,600 48,500 17,700 $ 30,800 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 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 during 2021? Beginning balance Retained Earnings Ending balance < Required 1 Required 2 > 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 no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Beginning balance Notes Payable Ending balance < Required 1 Required 2 > 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 Prepaid expenses 2021 2020 $ 97,400 41,800 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 87,400 $ 24,400 51,700 97,100 5,500 4,400 232,100 177,600 111,000 124,700 (17,200) (9,400) $ 325,900 $ 292,900 $ 15,400 $ 21,500 9,200 4,900 Income taxes payable 1,500 2,700 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 26,100 29,100 30,900 71,600 57,000 100,700 232,600 36,300 185,600 6,600 Total liabilities and equity $ 325,900 $ 292,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 501,300 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 322,600 178,700 91,600 38,600 48,500 17,700 $ 30,800 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 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 during 2021? Beginning balance Retained Earnings Ending balance < Required 1 Required 2 > 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 no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Beginning balance Notes Payable Ending balance < Required 1 Required 2 >
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