2018 CRUZ INCH 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 expense 32,500 Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14.900 Net income $ 26,100 Use the above balance chat 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.) $ 430,800 Cash flows from operating activities Cash received from customers Cash paid for inventory Cash paid for other expenses Cash paid for taxes Net cash provided by operating activities $ 430,800