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4 oBook References A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018

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4 oBook References A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 97,400 $ 24,400 Accounts receivable, net 41,800 51,700 Inventory 87,400 97,100 Prepaid expenses 5,500 4,400 Total current assets 232, 100 177,600 Furniture 111,000 124,700 Aco depreciation-Furniture (17,200) (9,400) Total assets $325,900 $292,900 Liabilities and Equity Accounts payable $ 15,400 $ 21,500 Wages payable 9, 20e 4,900 Income taxes payable 1,500 2,700 Total current liabilities 26, 100 29, 100 Notes payable (long-term) 30,900 71,600 Total liabilities 57,000 100,700 Equity Common stock, $5 par value 232,600 185,600 Retained earnings 36, 300 6,600 Total liabilities and equity $325,900 $292,900 CRUZ, INC Income Statement. For Year Ended December 31, 2019 Sales $501,300 Cost of goods sold 322,600 Gross profit 178,700 Operating expenses Depreciation expense $38,600 Other expenses 91,600 130,200 Income before taxes 48,500 Income taxes expense 17,700 Net income $ 30,880 Mc 4 Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income 538,6ee 91,600 130,208 48,500 17,700 $ 30,800 Book 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? References 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 20197 Retained Earnings Beg bal. End, bal. Required 2 > $38,600 91,600 Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income 130,200 48,500 17,700 $ 30,800 k 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to redu 2019? ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the 2019? Notes Payable Beg. bal. End, bal.

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