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 $ 90,700 38,900 $ 22,700 48,100 81,300 90,300 5,100 4,100 216,000 165,200 102,900 (15,900) 116,200 (8,800) $ 303,000 $ 272,600 $ 14,300 $ 20,000 8,500 4,600 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,200 27,100 28,800 66,300 53,000 93,400 215,100 171,900 34,900 7,300 Total liabilities and equity $ 303,000 $ 272,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 466,600 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 300,300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Required: 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. Sales CRUZ, INCORPORATED Income Statement 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 $ 466,600 300 300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Required: 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. Casn nows 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 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 $ 90,700 38,900 $ 22,700 48,100 81,300 90,300 5,100 4,100 216,000 165,200 102,900 (15,900) 116,200 (8,800) $ 303,000 $ 272,600 $ 14,300 $ 20,000 8,500 4,600 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,200 27,100 28,800 66,300 53,000 93,400 215,100 171,900 34,900 7,300 Total liabilities and equity $ 303,000 $ 272,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 466,600 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 300,300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Required: 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. Sales CRUZ, INCORPORATED Income Statement 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 $ 466,600 300 300 166,300 85,200 35,900 45,200 16,500 $ 28,700 Required: 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. Casn nows 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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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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