2017 CRUZ, INC. Comparative Balance Sheets December 31, 2018 2018 Assets Cash $ 91,100 Accounts receivable, net 39,100 Inventory 81,800 Prepaid expenses 5,200 Total current assets 217,200 Furniture 105,000 Accum. 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, INC. Income Statement For Year Ended December 31, 2018 Sales $469,700 Cost of goods sold 302,300 Gross profit 167,400 Operating expenses Depreciation expense $36, 200 Other expenses 85,900 122,100 Income before taxes 45,300 Income taxes expense 16,500 Net income $ 28,800 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2018? 2. Assume that no additional notes payable are issued in 2018. What cash amount is paid to reduce the notes payable balance in 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 201 Retained Earnings Beg. bal. 8,700 Dividends paid 2018 Net income 28,800 28,800 66,300 End. bal. QS 12-13 Computing financing cash outflows LO P3 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2018? 2. Assume that no additional notes payable are issued in 2018. What cash amount is paid to reduce the notes payable balance in 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2018. What cash amount is paid to reduce the 2018? Notes Payable Beg. bal. End. bal. 0