Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 72,900 Accounts receivable, net 31,300 Inventory 65,600 Prepaid expenses 4,000 Total current assets 173,800 Furniture 80,600 Accum. depreciation-Furniture (12,500) Total assets $241,900 Liabilities and Equity Accounts payable $ 11,400 Wages payable 6,800 Income taxes payable 1,200 Total current liabilities 19,400 Notes payable (long-term) 24,800 Total liabilities 44,200 Equity Common stock, $5 par value 170,300 Retained earnings 27,400 Total liabilities and equity $241,900 $ 18,100 38,400 72,100 3,300 131,900 93,500 (7,100) $218,300 $ 16,100 3,800 2,100 22,000 55,800 77,800 134,800 5,700 $218,300 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $ 373,800 Cost of goods sold 240,600 Gross profit 133,200 Operating expenses Depreciation expense $ 28,800 Other expenses 68,300 97,100 Income before taxes 36,100 Income taxes expense 13,100 Net income $ 23,000 QS 12-11 Indirect: Computing cash from operations LO P2 Required: Jse the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for Chis company. (Amounts to be deducted should be indicated with a minus sign.) Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 72,900 Accounts receivable, net 31,300 Inventory 65,600 Prepaid expenses 4,000 Total current assets 173,800 Furniture 80,600 Accum. depreciation-Furniture (12,500) Total assets $241,900 Liabilities and Equity Accounts payable $ 11,400 Wages payable 6,800 Income taxes payable 1,200 Total current liabilities 19,400 Notes payable (long-term) 24,800 Total liabilities 44,200 Equity Common stock, $5 par value 170,300 Retained earnings 27,400 Total liabilities and equity $241,900 $ 18,100 38,400 72,100 3,300 131,900 93,500 (7,100) $218,300 $ 16,100 3,800 2,100 22,000 55,800 77,800 134,800 5,700 $218,300 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $ 373,800 Cost of goods sold 240,600 Gross profit 133,200 Operating expenses Depreciation expense $ 28,800 Other expenses 68,300 97,100 Income before taxes 36,100 Income taxes expense 13,100 Net income $ 23,000 QS 12-11 Indirect: Computing cash from operations LO P2 Required: Jse the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for Chis company. (Amounts to be deducted should be indicated with a minus sign.)