1 A comparative balance sheet and income statement is shown for Cruz, Inc. 20 points 2018 spoed CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,9ee) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,100 Notes payable (long-term) 22,700 Total liabilities 41,000 Equity Connon stock, 55 par value 162,900 Retained earnings 25,7ee Total liabilities and equity $229,600 $ 17,200 36,5ee 68,500 3, 10e 125,300 87,see (6 7ee) $206,400 eBook References $ 15,200 3,609 2.ee 20,8ee 53.100 73,900 127,860 4,700 $206,480 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $353,400 Cost of goods sold 227.500 Gross profit 125,900 Operating expenses Depreciation expense $ 27,200 Other expenses 64,500 91,700 Income before taxes 34,2ee Income taxes expense 12,400 Net Income $ 21,800 Required: Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should 125,900 Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $ 27,200 64,5ee 91,700 34,200 12,400 $ 21,800 Required: Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities 0 $ 0 Prey 1 of 4 !!! Next