Question: i need help with this question! thank you!! A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets


A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 82,800 $ 20,600 Accounts receivable, net 35,500 43,700 Inventory 74,300 82,000 Prepaid expenses 4,600 3,700 Total current assets 197,200 150,000 Furniture 92,800 104,800 Accumulated depreciation-Furniture (14,400) (8,000) Total assets $ 275,600 $ 246,800 Liabilities and Equity Accounts payable $ 13,000 $ 18,200 Wages payable 7,700 4,300 Income taxes payable 1,300 2,400 Total current liabilities 22,000 24,900 Notes payable (long-term) 26,800 63,700 Total liabilities 48,800 Equity 38,600 Common stock, 55 par value 198,800 Retained earnings 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 Gross profit Operating expenses (excluding depreciation) Depreciation expense $ 422,500 271,900 150,600 77,100 32,500 Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 422, see 271,980 150,600 77.100 32,500 41.000 14,900 $ 26,100 Required: Use the Indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to not cash provided by operating activities Income statement items not allocting cash Changes in Current operating assets and liabilities Required: Use the Indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducte should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile not income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 0 0
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
