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 $ 85,600 36,800 77,100 4,700 204, 200 94,700 (14,700) $ 284, 200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 13,400 8,000 1,400 $ 204,000 28,500 $ 284,200 22,800 28,900 51,700 0 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 19,000 4,500 2,500 26,000 66,400 92,400 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. 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200 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 $ 85,600 36,800 77,100 4,700 204, 200 94,700 (14,700) $ 284, 200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 13,400 8,000 1,400 $ 204,000 28,500 $ 284,200 22,800 28,900 51,700 0 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 19,000 4,500 2,500 26,000 66,400 92,400 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. 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200
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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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