* Dashboard b 4 Assignments: ACCT102-414 b M Question 3 - HW: Ch 12 State X ar = (G| 25 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 a e Relaunch to update Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing 6 Saved Help Save & Exit Submit : ; A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2 At December 31 2021 2020 Assets points Cash $ 75,900 $ 18,900 Accounts receivable, net 32,600 40,100 Inventory 68,300 75,300 !! Prepaid expenses 4,200 3,500 = Total current assets 181,000 137,800 eBook Furniture 84,600 99,200 Accumulated depreciationFurniture (13,100) (7,500) @ Total assets $ 252,500 $ 229,500 Hint Liabilities and Equity Accounts payable $ 11,900 $ 16,900 Wages payable 7,100 4,000 , Income taxes payable 1,200 2,200 Ask Total current liabilities 20,200 23,100 Notes payable (long-term) 24,800 58,400 Total liabilities 45,000 81,500 & Equity Print Common stock, $5 par value 177,300 141,500 Retained earnings 30,200 6,500 ?i Total liabilities and equity $ 252,500 $ 229,500 References CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 392,900 Cost of goods sold 252,900 Gross profit 140,000 Operating expenses (excluding depreciation) 71,600 Depreciation expense 30,200 Income before taxes 38,200 Income taxes expense 13,900 Net income $ 24,300 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes pavable are issued in 2021. What cash amount is paid to reduce the notes pavable balance in B * Dashboard b M Question 3 - HW: Ch 12 State X 4 Assignments: ACCT102-414 s ar = (G| 25 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 a e Relaunch to update Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing 6 Saved Help Save & Exit Submit Lross proTit 140,000 Operating expenses (excluding depreciation) 71,600 Depreciation expense 30,200 Income before taxes 38,200 Income taxes expense 13,900 5 Net income $ 24,300 points o . : 2 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in !| 2021? eBook Complete this question by entering your answers in the tabs below. Hint i Required 1 | Required 2 @ i Ask Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? = Retained Earnings & - 4 Print Beginning balance 2021 Net income i Dividends paid Ending balance 0 Required2 > 3 of 7 Hit * Dashboard b M Question 3 - HW: Ch 12 State X 4 Assignments: ACCT102-414 s ar = (G| 25 ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%2 a e Relaunch to update Suggested Sites 1 Gmail YouTube canvas HW: Ch 12 Statement of Cash Flows - Financing 6 Saved Help Save & Exit Submit Gross profit 140,000 Operating expenses (excluding depreciation) 71,600 Depreciation expense 30,200 Income before taxes 38,200 Income taxes expense 13,900 2 Net income $ 24,300 points 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in !! 2021? eBook Complete this question by entering your answers in the tabs below. Hint Required 1 3 Required 2 Ak Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? & Print Notes Payable Beginning balance References Ending balance 0