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 Assets Cash Accounts receivable, net Inventory Prepaid expenses 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 Common stock, $5 par value Retained earnings Total liabilities and equity 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 85,900 36,900 77,200 4,900 204,900 98,900 (15,380) $ 288,500 $ 13,600 8,100 1,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 23,000 26,800 49,800 207,600 31,100 $ 288,500 $ 21,600 45,800 86,000 3,900 157,380 110,500 (8,300) $ 259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165,100 4,900 $ 259,500 $444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) 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 Inventory Prepaid expenses 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 Common stock, $5 par value Retained earnings Total liabilities and equity 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 85,900 36,900 77,200 4,900 204,900 98,900 (15,380) $ 288,500 $ 13,600 8,100 1,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 23,000 26,800 49,800 207,600 31,100 $ 288,500 $ 21,600 45,800 86,000 3,900 157,380 110,500 (8,300) $ 259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165,100 4,900 $ 259,500 $444,200 285,900 158,300 81,200 34,200 42,900 15,600 $ 27,300 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.)
Expert Answer:
Answer rating: 100% (QA)
To prepare the operating activities section of Cruz Incorporateds statement of cash flows using the ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
What is 2 phase motor?
-
Type of A.C motor is used in the fan (ceiling fan, exhaust fan, pedestal fan, bracket fan etc) which are find in the houses?
-
Comparative financial statement data of McClaine Optical Mart follow: Other information: 1. Market price of McClaine common stock: $89.38 at December 31, 2014, and $85.67 at December 31, 2013 2....
-
Histogram. Suppose that the standard input stream is a sequence of double values. Write a program that takes an integer n and two real numbers lo and hi as command-line arguments and uses StdDraw to...
-
Draw both cis- and trans-1, 3-dimethylcyclohexane in their most stable chair conformations. (a) How many stereo isomers are there of cis-l, 3-dimethylcyclohcxane, and how many of trans-1,...
-
Modify the R code given for Figure 3.6 to reproduce the figure in the previous exercise. Figure 3.5 Average reaction time as a function of whether or not the judgment was correct Mean RTsec 2.00...
-
Find the = 0.05 critical value for the chi-square distribution with 18 degrees of freedom.
-
Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans to sell 16,000 units at a price of $320 each. Product costs include: Direct materials ....... $68 Direct labor .............
-
A grocery store counts the number of customers who arrive during an hour. The average over a year is 33 customers per hour. Assume the arrival of customers follows a Poisson distribution. (It usually...
-
A rotary worktable is driven by a Geneva mechanism with five slots. The driver rotates at 48 rev/min. Determine (a) The cycle time, (b) Available process time, and (c) Indexing time each cycle.
-
You borrowed $36,000 at 10% APR to buy a car, and you have to make equal monthly payments for 60 months, starting next month. What is the fixed monthly payment you will have to make? Write out the...
-
Font Paragraph Which three categories are contaminants classified, and what are the names, explanations, and examples for each category?
-
Write a java program to display sum of two binary numbers?
-
What is the typical behavior or typical behaviors (type or criminal or infraction that they observe), what penalties would be imposed, give it the classification according to the Penal Code, which...
-
A retail outlet purchased 400 earphones at a list price of $120 less 7%, and 5%. The markup on the selling price percentage of the earphones was 40%. After selling 50% of the shipment, the rest of...
-
Explain the concept of 'organizational behaviour modification' with Example
-
Question 1 Here is the algorithm for the quiescent checkpoint algorithm: 1. Stop accepting new transactions. 2. Wait for existing transactions to finish. 3. Flush all modified buffers to disk. 4....
-
Explain what is meant by vicarious liability and when it is available?
-
How can the manager of advertising sales at Google use flexible budgets to enhance performance?
-
In early January 2015, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipments salvage value at $25,000. Prepare a table...
-
Sudoku Company issues 7,000 shares of $7 par value common stock in exchange for land and a building. The land is valued at $45,000 and the building at $85,000. Prepare the journal entry to record...
-
Form small groups for this exercise on claim and adjustment letters. Have each member of your group study the following two letters. Meet and discuss your reactions to the two letters. How...
-
You work in the customer relations department of a company that makes plumbing supplies. The head of product development has just handed you the draft of installation instructions for a sliding tub...
-
Study the excerpt from the Micron data flyer (2010, p. 9). Describe the designers use of alignment as a design principle. How effective is it? How would you modify it? Present your analysis and...
Study smarter with the SolutionInn App