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A comparative balance sheet and income statement is shown for Cruz, Incorporated.
CRUZ, INCORPORATEDComparative Balance SheetsAt December 3120212020AssetsCash$ 72,900$ 18,100Accounts receivable, net31,30038,400Inventory65,60072,100Prepaid expenses4,0003,300Total current assets173,800131,900Furniture80,60093,500Accumulated depreciationFurniture(12,500)(7,100)Total assets$ 241,900$ 218,300Liabilities and EquityAccounts payable$ 11,400$ 16,100Wages payable6,8003,800Income taxes payable1,2002,100Total current liabilities19,40022,000Notes payable (long-term)24,80055,800Total liabilities44,20077,800EquityCommon stock, $5 par value170,300134,800Retained earnings27,4005,700Total liabilities and equity$ 241,900$ 218,300
CRUZ, INCORPORATEDIncome StatementFor Year Ended December 31,2021Sales$ 373,800Cost of goods sold240,600Gross profit133,200Operating expenses (excluding depreciation)68,300Depreciation expense28,800Income before taxes36,100Income taxes expense13,100Net income$ 23,000
QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5
How much cash is paid to acquire inventory during year 2021?
How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.

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