2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900 114,400 82,200 (6,200) $190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 121,000 2.500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $326.000 Cost of goods sold 209800 Gross profit 116,200 Operating expenses Depreciation expense 25.100 Other expenses 59,500 84,600 Income before taxes 31,600 Income taxes expense 11,500 Net income $ 20,100 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. 2. Cash paid for inventory Cash paid for other expenses 2.) Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $385,000 Accounts receivable decrease $57,200 Depreciation expense 46,000 Inventory decrease 47,500 Amortization expense 7,500 Prepaid expenses increase 6,100 Gain on sale of plant assets 7,200 Accounts payable decrease 8,800 Salaries payable increase 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities