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 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 2021 2020 $ 82,800 $ 20,600 35,500 43,700 74,300 82,000 4,600 3,700 197,200 150,000 92,800 104,800 (14,400) (8,000) $ 275,600 $ 246,800 $ 13,000 7,700 $ 18,200 4,300 1,300 2,400 22,000 24,900 26,800 63,700 48,800 88,600 198,800 28,000 155,300 2,900 $ 275,600 $ 246,800 For Year Ended December 31, 2021 Sales Cost of goods sold $ 422,500 271,900 150,600 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 77,100 32,500 41,000 14,900 $ 26,100