Required information

Use the following information for the Quick Study below. (Algo)

Skip to question

[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	2021	2020
Assets
Cash	$ 62,800	$ 15,700
Accounts receivable, net	27,000	33,300
Inventory	56,600	62,500
Prepaid expenses	3,500	2,900
Total current assets	149,900	114,400
Furniture	70,500	82,200
Accumulated depreciationFurniture	(10,900)	(6,200)
Total assets	$ 209,500	$ 190,400
Liabilities and Equity
Accounts payable	$ 9,900	$ 14,000
Wages payable	5,900	3,300
Income taxes payable	1,000	1,800
Total current liabilities	16,800	19,100
Notes payable (long-term)	20,700	47,800
Total liabilities	37,500	66,900
Equity
Common stock, $5 par value	150,000	121,000
Retained earnings	22,000	2,500
Total liabilities and equity	$ 209,500	$ 190,400

CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales	$ 326,000
Cost of goods sold	209,800
Gross profit	116,200
Operating expenses (excluding depreciation)	59,500
Depreciation expense	25,100
Income before taxes	31,600
Income taxes expense	11,500
Net income	$ 20,100

QS 16-26B (Algo) Direct: Computing cash received from customers LO P5

1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis.
2. What is the net increase or decrease in the Cash account for year 2021?