2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 85,900 Accounts receivable, net 36,900 Inventory 77,200 Prepaid expenses 4,900 Total current assets 204,900 Furniture 98,900 Accumulated depreciation-Furniture (15,300) Total assets $ 288,500 Liabilities and Equity Accounts payable $ 13,600 Wages payable 8,100 Income taxes payable 1,300 Total current liabilities 23,000 Notes payable (long-term) 26,800 Total liabilities 49,800 Equity Common stock, $5 par value 207,600 Retained earnings 31,100 Total liabilities and equity $ 288,500 $ 21,600 45,800 86,000 3,900 157,300 110,500 (8,300) $ 259,500 $ 19, 100 4,300 2,400 25,800 63,789 89,500 165,100 4,900 $ 259,500 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $444,200 285,980 158,300 81,200 34,280 42,900 15,600 $ 27,300 QS 16-28B (Algo) Direct: Computing cash from operations LO P5 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