Comparative Balance Sheets December 31, 2017 2017 2016 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $325,900 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $292,900 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. 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 $ 15,400 9,200 1,500 26,100 30,900 57,000 $ 21,500 4,900 2,700 29,100 71,600 100,700 232,600 36,300 $325,900 185,600 6,600 $292,900 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation expense $ 38,600 Other expenses 91,600 130,200 Income before taxes 48,500 Income taxes expense 17,700 Net income $ 30,800 QS 12-13 Computing financing cash outflows LO P3 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Retained Earnings Beg. bal. End. bal. Notes Payable Beg. bal. End. bal. 0