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1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is
1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis.
2019 2018 $ 62,800 $ 15,700 27,000 33,300 56, 600 62,500 3,500 2,900 149,900 114,400 70,50082,200 (10,900) (6,200) $209,500 $190,400 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 $ $ 14,000 3,300 9,900 5,900 1,000 16,800 20.700 37,500 19, 100 47,800 66,900 150,000 22,000 $209,500 121,000 2,500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $326,000 Cost of goods sold 209,800 Gross profit 116,200 Operating expenses Depreciation expense $25,100 Other expenses 59,500 84,600 Income before taxes 31,600 Income taxes expense 11,500 Net income $ 20,100 Required 1 Required 2 How much cash is received from sales to customers for year 2019? Assume Accounts Receivable Beg. bal. Cash collections from customers Sales on account End. bal. Required Complete this question by entering your answers in the tabs be Required 1 Required 2 What is the net increase or decrease in cash for year 2019? Net increase in cash 2. What is the net income or decrease in cash for year 2019?
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