Required information Use the following information for the Quick Study 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 $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,700 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value 159,500 Retained earnings 23,100 Total liabilities and equity $221,000 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $26,300 Prey 40 of QS 16-13 Computing financing cash outflows LO P3 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 23,100 Beg. bal. End, bal 23,100 Notes Payable 50,500 Beg. bal End, bal 50,500 Required information Use the following information for the Quick Study 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 $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation-Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,700 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value 159,500 Retained earnings 23,100 Total liabilities and equity $221,000 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $26,300 Prey 40 of QS 16-13 Computing financing cash outflows LO P3 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 23,100 Beg. bal. End, bal 23,100 Notes Payable 50,500 Beg. bal End, bal 50,500