nect Assignment Week 13 Ch 16 A Saved Help 2016 CRUE, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 94,800 Accounts receivable, net 41,000 Inventory 85,800 Prepaid expenses 5,400 Total current assets 227,000 Furniture 109,000 Accum. depreciation Furniture (17,000) Total assets $319,000 Liabilities and Equity Accounts payable $ 15,000 Wages payable 9,000 Income taxes payable 1,400 Total current liabilities 25,400 Notes payable (long-term) 29.000 Total liabilities 54,400 Equity Common stock, $5 par value 229,000 Retained earnings 35,600 Total liabilities and equity $319,000 $ 24,000 52,000 95,800 4200 175,000 119,000 (9.000) $285,000 $ 21,000 5,000 2.600 28,600 69,000 97,600 179,000 8, 400 $285,000 CRUX, INC. Income Statement For Year Ended December 31, 2017 Sales $ 488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89, 100 126.700 Income before taxes 47,300 Income taxes expense 17.300 Net income $ 30,000 Check my work 314,000 174,000 cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net Income $37,600 09, 100 126,700 47.300 17,300 $ 30,000 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 Bogbal End bal