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 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 2020 $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 (15,300) 110,500 (8,300) $ 288,500 $ 259,500 $ 13,600 8,100 $ 19,100 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 207,600 165,100 31,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable. 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 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 2020 $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 (15,300) 110,500 (8,300) $ 288,500 $ 259,500 $ 13,600 8,100 $ 19,100 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 207,600 165,100 31,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.
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