1. How much cash is paid to acquire inventory during year 2017? Cash paid for inventory 2. How much cash is paid for other expenses during year 2017? (Hint Examine prepaid expenses and wages payable.) Cash paid for other expenses INL. CRUZ Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41,000 85,888 5,480 227,000 199,000 (17, eee) $319, eee $ 24, 51, eee 95,888 4, 2ee 175, eee 119, eee (9, eee) $285,200 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 15,Bee 9, Bea 1,400 25,400 29. Be 54,488 $ 21, eee 5, eee 2.688 28, 680 69, eee 97,600 229,880 179,800 35.6ee 8.cea $319,00 $285, ese CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488, ese Cost of goods sold Gross profit 14.Baa Operating expenses Depreciation expense $37,600 Other expenses 89 180 126,780 Income before taxes Income taxes expense Net income 5 3e se Use the above balance sheet and income statement to prepare the cash provided (used) from operating activities section by direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities