Use the following information for the Quick Study below. (Algo) [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 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Fauity. 2021 2020 $ 66,100 28,500 $ 16,600 35,200 59,700 66,100 3,700 3,000 120,900 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,000 1,900 17,700 20,100 20,700 50,500 38,400 70,600 0 9 rt 1 of 3 Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales CRUZ, INCORPORATED Income Statement 159,500 23,100 125,000 3,900 $ 199,500 $ 221,000 For Year Ended December 31, 2021 Cost of goods sold nts $ 341,600 219,800 121,800 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 62,400 26,300 33,100 12,100 $ 21,000 QS 12-26B (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 o 2. What is the net increase or decrease in the Cash account for year 2021? 3 Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis Beginning balance Accounts Receivable 0 Sales on account 341,600 Ending Balance 341,600 Cash collections from customers Required 2 >