15 Part 3 of 3 Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. 4.76 points 2020 eBook Hint $ 24,400 51,700 97, 100 4,400 177,600 124,700 (9,400) $ 292,900 Print CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 97,400 Accounts receivable, net 41,800 Inventory 87,400 Prepaid expenses 5,500 Total current assets 232,100 Furniture 111,000 Accumulated depreciation-Furniture (17, 200) Total assets $ 325, 900 Liabilities and Equity Accounts payable $ 15,400 Wages payable 9,200 Income taxes payable 1,500 Total current liabilities 26, 100 Notes payable (long-term) 30,900 Total liabilities 57,000 Equity Common stock, $5 par value 232,600 Retained earnings 36,300 Total liabilities and equity $ 325,900 References $ 21,500 4,900 2,700 29,100 71,600 100,700 185,600 6,600 $ 292,900 CRUZ, INCORPORATED Income 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 $ 501,300 322,600 178,700 91,600 38,600 48,500 17,700 $ 30,800 QS 16-28B (Algo) Direct: Computing cash from operations LO P5 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 $ 0