S 16-17 (Algo) Computing financing cash outflows LO P3 A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets ook Cash Accounts receivable, net nt Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable nt ences Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2021 2020 $ 63,600 27,400 $ 15,900 33,700 57,400 63,300 3,500 2,900 151,900 115,800 70,500 82,200 (10,900) (6,200) $211,500 $191,800 $ 10,000 $14,100 6,000 3,300 1,000 1,800 17,000 19,200 20,700 47,800 37,700 67,000 153,600 124,000 20,200 $211,500 800 $191,800 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense $ 328,400 211,300 117,100 60,000 25,300 31,800 11,600 $ 20,200 Net income 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Ask Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Retained Earnings Beginning balance Ending balance Complete this question by entering your ANSW Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Beginning balance Ending balance Notes Payable < Prev 8 of 10 Next >