Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 99,000 Accounts receivable, net 42,800 Inventory 89,600 Prepaid expenses 5,600 Total current

image text in transcribed
image text in transcribed
image text in transcribed
2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 99,000 Accounts receivable, net 42,800 Inventory 89,600 Prepaid expenses 5,600 Total current assets 237,000 Furniture 113,000 Accumulated depreciation-Furniture (17,600) Total assets $ 332,400 Liabilities and Equity Accounts payable $ 15,600 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,500 Notes payable (long-term) 31,100 Total liabilities 57,600 Equity Common stock, $5 par value 238,600 Retained earnings 36,200 Total liabilities and equity $ 332,400 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 $ 21,900 5,200 2,700 29,800 65, 700 95,500 190,000 12,000 $ 297,500 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 $ 509,400 327,800 181,600 92,900 39,200 49,500 18, 100 $ 31,400 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 $509,400 327,300 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 20212 Retained Earnings Beginning balance Ending balance Required Required 2 > Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 327,800 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Notes Payable Beginning balance Ending balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

New Challenges For Future Sustainability And Wellbeing

Authors: Ercan Özen, Simon Grima, Rebecca Dalli Gonzi

1st Edition

1800439695, 9781800439696

More Books

Students also viewed these Accounting questions