2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash 72,900 Accounts receivable, net 31,300 Inventory 65, 600 Prepaid expenses 4,000 Total current assets 173,800 Furniture 80,600 Accumulated depreciation-Furniture (12,500) Total assets $ 241, 960 Liabilities and Equity Accounts payable $ 11,400 Wages payable 6,800 Income taxes payable 1,200 Total current liabilities 19,400 Notes payable (long-term) 24,800 Total liabilities 44,200 Equity Common stock, ss par value 170,300 Retained earnings 27,400 Total liabilities and equity S 241, 900 $ 18, 100 38, 400 72, 100 3,300 131,900 93,500 (7, 100) $ 218,300 $ 16, 100 3,800 2,100 22,900 55,800 77,800 134, 800 5,700 $ 218, 360 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 Inco Laxes expense Net Incon $ 373,300 240,600 133,200 68,300 20,800 56,100 13,100 $ 23,000 QS 16-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation during year 20217 Hint Examine prepaid expenses and wages payable 1. Cash paid for invite 2. Cash paid for operating expenses