12 Saved 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 91,100 Accounts receivable, net 39,100 Inventory 81,800 Prepaid expenses 5,200 Total current assets 217,200 Furniture 105,000 Accumulated depreciation-Furniture (16,200) Total assets $ 306,000 Liabilities and Equity Accounts payable $ 14,400 Wages payable 8,600 Income taxes payable 1,400 Total current liabilities 24,400 Notes payable (long-term) 28,900 Total liabilities 53,300 Equity Common stock, $5 par value 216,400 Retained earnings 36,300 Total liabilities and equity $ 306,000 $ 22,900 48,600 91,300 4,100 166,900 116,200 (8,700) $ 274,400 $ 20,200 4,500 2,500 27,200 66,400 93,600 172,100 8,700 $ 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 469,700 302.300 Prev 2 24 27 Tout Help Save & Exit Submit 7. CRUZ, INCORPORATED Incone Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 489,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 a QS 12-28B (Algo) Direct: Computing cash from operations LO P5 38 29 Use the above balance sheet and income statement to prepare the operating activities section by direct method Assume all the sales were made on credit basis (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities S Next > 24 of 27