Use the following balance sheets and income statement to answer 1. How much cash is received from
Question:
Use the following balance sheets and income statement to answer
1. How much cash is received from sales to customers for year 2013?
2. What is the net increase or decrease in cash for year 2013?
Transcribed Image Text:
CRUZ, INC. Comparative Balance Sheets December 31, 2013 2013 2012 Assets Cash $ 94,800 $ 24.000 Accounts receivable, net. Inventory. 41,000 51,000 85,800 95,800 Prepaid expenses 5,400 4,200 Furniture 109,000 119,000 Accum, depreciation-Furniture (17,000) (9,000) Total assets $319,000 $285,000 Liabilities and Equity Accounts payable $ 15,000 $ 21,000 Wages payable. 9,000 5,000 Income taxes payable 1,400 2,600 Notes payable (long-term) 29,000 69,000 Common stock, $5 par value 229,000 179,000 Retained earnings 35,600 8,400 Total liabilities and equity $319,000 $285,000
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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