A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22.000 Notes payable (long-term) 26,800 Total liabilities 48,800 Equity Common stock, $5 par value 198,800 Retained earnings 28,000 Total liabilities and equity $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000) $246,800 $ 18,200 4,300 2,400 24.900 63,700 88,600 155,300 2,900 $246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $422.500 Cost of goods sold 271,900 Gross profit Operating expenses 150,600 Depreciation expense $32,500 Other expenses Income before taxes 77.100 109,600 Income taxes expense 41.000 Net non 14,900 $26.100 QS 12-11 Indirect: Computing cash from operations LO P2 Required: Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company, (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Net Income Adjustments to reconcile net income to operating cash flow Income statement tems not affecting cash Changes in current operating assets and liabilities Nel cash used in operating activities