At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Inventory Prepaid expenses...

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At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 $ 64,400 27,800 58,200 2020 $ 16,200 34,400 64,600 3,600 2,900 154,000 118,100 72,600 82,200 (11,300) $ 215,300 $ 10,100 (6,200) $ 194,100 $ 14,300 6,100 3,400 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 17,200 19,500 20,700 47,800 37,900 67,300 154,500 124,000 22,900 2,800 Total liabilities and equity $ 215,300 $ 194,100 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 332,400 213,900 118,500 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 60,700 25,600 32,200 11,800 $ 20,400 Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Beginning balance Retained Earnings 2021 Net income Dividends paid Ending balance 0 < Required 1 Required 2 > 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 0 At December 31 Assets CRUZ, INCORPORATED Comparative Balance Sheets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 $ 64,400 27,800 58,200 2020 $ 16,200 34,400 64,600 3,600 2,900 154,000 118,100 72,600 82,200 (11,300) $ 215,300 $ 10,100 (6,200) $ 194,100 $ 14,300 6,100 3,400 Income taxes payable 1,000 1,800 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 17,200 19,500 20,700 47,800 37,900 67,300 154,500 124,000 22,900 2,800 Total liabilities and equity $ 215,300 $ 194,100 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 332,400 213,900 118,500 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 60,700 25,600 32,200 11,800 $ 20,400 Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Beginning balance Retained Earnings 2021 Net income Dividends paid Ending balance 0 < Required 1 Required 2 > 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 0