Required Information Use the following information for the Quick Study below. (Algo) [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 wages payable Accounts payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 2021 2020 $ 97,400 41,800 $ 24,488 51,700 87,400 97,180 5,500 4,488 232,100 177,600 111,000 124,700 (17,200) $ 325,900 $ 292,900 (9,480) $ 15,400 $ 21,500 9,288 4,900 1,500 2,788 26,100 29,188 30,900 71,600 57,000 100,700 232,680 185,680 36,300 6,600 $ 325,900 $ 292,980 Total liabilities and equity CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2821 Sales Cost of goods sold $ 501,300 322,680 Gross profit 178,788 Operating expenses (excluding depreciation) 91,688 Depreciation expense Income before taxes Income taxes expense Net income 38,600 48,500 17,700 $ 30,800 QS 16-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire Inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory $ 2. Cash paid for operating expenses $ 39,000 84,900