1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?
A comparative balance sheet and income statement is shown for Cruz, CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 66,100 $ 16,600 Accounts receivable, net 28,500 35,200 Inventory 59,700 66,100 Prepaid expenses 3,700 3,000 Total current assets 158,000 120,900 Furniture 74,600 85,000 Accum. depreciation-Furniture (11,600) (6,400) Total assets $221,000 $199,500 Liabilities and Equity Accounts payable $ 10,400 $ 14,700 Wages payable 6,300 3,500 Income taxes payable 1,000 1,900 Total current liabilities 17,700 20,100 Notes payable (long-term) 20,700 50,500 Total liabilities 38, 400 70,600 Equity Common stock, $5 par value 159,500 125,000 Retained earnings 23, 100 3,900 Total liabilities and equity $221,000 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $26,300 Other expenses 62,400 88,700 Income before taxes 33, 100 Income taxes expense 12,100 Net income $ 21,000 Check my Total liabilities and equity $221,000 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $341,600 Cost of goods sold 219,800 Gross profit 121,800 Operating expenses Depreciation expense $26,300 Other expenses 62,400 88,700 Income before taxes 33,100 Income taxes expense 12,100 Net income $ 21,000 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? Retained Eamings 85.000 Beg bal. 1,800 Dividends paid End, bal. 83,200 Regre Required 2 > payable balance in 2019? Complete this question by entering your answers Required 1 Required 2 Assume that all common stock is issued for cash. What ar Retained Earnings 85,000 Beg. bal. 1,800 2019 Net income 83,200 2019 Net loss Required Dividends paid Dividends receivable 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance 2019? Notes Payable Beg, bal Notes payable issued Notes payable Issued Payment on notes payable Required 1
