2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Furniture 92,800 Accum. depreciation-Furniture (14,400) Total assets $275,600 Liabilities and Equity Accounts payable $ 13,00 Wages payable Income taxes payable Total current liabilities 22,000 Notes payable (long-term) Total liabilities 48,800 Equity Common stock, $5 par value 198,800 Retained earnings 28,000 Total liabilities and equity $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000) $ 246,800 30 $ 18,200 4,300 2,400 24,900 63,700 88,600 155,300 2,900 $ 246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $ 422,500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense Net income 26, 100 14 900 zoal LDL LLLS an equity CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $ 422,500 Cost of goods sold 271,900 Gross profit 150,600 Operating expenses Depreciation expense $32,500 Other expenses 77.100 109,600 Income before taxes 41,000 Income taxes expense 14,900 Net income $ 26,100 QS 12-14B Direct: Computing cash received from customers LO P5 1. How much cash is received from sales to customers for year 2017? Accounts Receivable Beg bal. End, bal o QS 12-14B Direct: Computing cash received from customers LO P5 1. How much cash is received from sales to customers for year 2017? Accounts Receivable Beg. bal. End. bal. 0 2. What is the net increase or decrease in cash for year 2017