CRUZ, INCORPORA I CV Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable,...

Transcribed Image Text:

CRUZ, INCORPORA I CV Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net Prepaid expenses $ 82,800 35,500 $ 20,600 43,700 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 74,300 82,000 4,600 3,700 197,200 150,000 92,800 (14,400) 104,800 (8,000) $ 275,600 $ 246,800 $ 13,000 $ 18,200 7,700 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 22,000 24,900 26,800 63,700 48,800 88,600 198,800 155,300 28,000 2,900 Total liabilities and equity $ 275,600 $ 246,800 CRUZ, INCORPORATED Income Statement 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 CRUZ, INCORPORA I CV Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net Prepaid expenses $ 82,800 35,500 $ 20,600 43,700 Inventory Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 74,300 82,000 4,600 3,700 197,200 150,000 92,800 (14,400) 104,800 (8,000) $ 275,600 $ 246,800 $ 13,000 $ 18,200 7,700 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 22,000 24,900 26,800 63,700 48,800 88,600 198,800 155,300 28,000 2,900 Total liabilities and equity $ 275,600 $ 246,800 CRUZ, INCORPORATED Income Statement 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