Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and...
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Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated 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 Sales Cost of goods sold Gross profit 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 62,700 27,000 56,600 3,500 149,800 70,500 (10,900) $ 209,400 $ CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 9,900 5,900 1,000 16,800 20,700 37,500 152, 200 19,700 $ 209,400 2020 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 123,000 500 $ 190,400 $ 326,000 209,800 116, 200 59,500 25,100 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. Note: Amounts to be deducted should be Indicated with a minus sign. 31,600 11,500 $ 20,100 Required Information [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated 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 Sales Cost of goods sold Gross profit 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 62,700 27,000 56,600 3,500 149,800 70,500 (10,900) $ 209,400 $ CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 $ 9,900 5,900 1,000 16,800 20,700 37,500 152, 200 19,700 $ 209,400 2020 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 123,000 500 $ 190,400 $ 326,000 209,800 116, 200 59,500 25,100 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. Note: Amounts to be deducted should be Indicated with a minus sign. 31,600 11,500 $ 20,100
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In the image provided you have a comparative balance sheet for Cruz Incorporated for the years ended December 31 2021 and 2020 as well as an income st... View the full answer
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
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