2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 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 $ 13,000 Wages payable 7,700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26,800 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 $ 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, 2019 Sales $ 422,500 Cost of goods sold 271,900 Gross profit 150, 600 Operating expenses Depreciation $ 32,500 expense Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14,900 Net income $ 26,100 1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory Cash paid for other expenses 2