2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 97,400 Accounts receivable, net 41,800 Inventory 87,400 Prepaid expenses 5,500 Total current assets 232, 100 Furniture 111,000 Accum. 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 $ 24,400 51,700 97, 100 4,400 177,600 124,700 (9,400) $292,900 $ 21,500 4,900 2,700 29, 100 71,600 100,700 185,600 6,600 $292,900 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation $ 38,600 expense n ann Sales CRUZ, INC. Income Statement For Year Ended December 31, 2019 $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation $ expense 38,600 Other expenses 91,600 130,200 Income before taxes 48,500 Income taxes expense 17,700 Net income $ 30,800 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 Payments for inventory Payments for other expenses Payments for taxes Receipts from sales to customers Net cash provided by operating activities $ 0