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 Accounts receivable, net Prepaid expenses $ 90,700 $ 22,700 38,900 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 81,300 48,100 90,300 5,100 4,100 216,000 165,200 102,900 (15,900) $ 303,000 $ 14,300 8,500 $ 272,600 $ 20,000 116,200 (8,800) Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED Income Statement Sales 4,600 1,400 2,500 24,200 27,100 28,800 66,300 53,000 93,400 215,100 171,900 34,900 7,300 $ 303,000 $ 272,600 For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income Required: $466,600 300,300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 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 Prepaid expenses $ 90,700 $ 22,700 38,900 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 81,300 48,100 90,300 5,100 4,100 216,000 165,200 102,900 (15,900) $ 303,000 $ 14,300 8,500 $ 272,600 $ 20,000 116,200 (8,800) Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED Income Statement Sales 4,600 1,400 2,500 24,200 27,100 28,800 66,300 53,000 93,400 215,100 171,900 34,900 7,300 $ 303,000 $ 272,600 For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income Required: $466,600 300,300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities
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