Use the following balance sheets and income statement to answer

1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2013?
2. Assume that no additional notes payable are issued in 2013. What cash amount is paid to reduce the notes payable balance in 2013?

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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