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A comparative balance sheet and income statement is shown for Cruz, Incorporated.
CRUZ, INCORPORATEDComparative Balance SheetsAt December AssetsCash$ $ Accounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulated depreciationFurnitureTotal assets$ $ Liabilities and EquityAccounts payable$ $ Wages payableIncome taxes payableTotal current liabilitiesNotes payable longtermTotal liabilitiesEquityCommon stock, $ par valueRetained earningsTotal liabilities and equity$ $
CRUZ, INCORPORATEDIncome StatementFor Year Ended December Sales$ Cost of goods soldGross profitOperating expenses excluding depreciationDepreciation expenseIncome before taxesIncome taxes expenseNet income$
QS B Algo Direct: Computing operating cash outflows LO P
How much cash is paid to acquire inventory during year
How much cash is paid for operating expenses excluding depreciation during year Hint: Examine prepaid expenses and wages payable.
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