5 QS 12-25B Direct: Computing cash received from customers LO P5 2018 . CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 73,200 Accounts receivable, net 31,400 Inventory 65,700 Prepaid expenses 4,100 Total current assets 174,400 Furniture 82,700 Accum. depreciation Furniture (12,800) Total assets $244,300 Liabilities and Equity Accounts payable $ 11,500 Wages payable 6,880 Income taxes payable 1,100 Total current liabilities 19,400 Notes payable (long-term) 22,700 Total liabilities 42, 100 Equity Common stock, $5 par value 173, 100 Retained earnings 29, 180 Total liabilities and equity $244,300 $ 18,300 38,800 72,800 3,300 133,200 93,500 (7,100) $219,600 $ 16,200 3,800 2,100 22,100 55,700 77,800 rences 134,500 7,300 $219,600 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses Depreciation expense $28,900 Other expenses 68.680 97,500 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in cash for year 2019? B CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $375,900 Cost of goods sold 241,980 Gross profit 134,000 Operating expenses Depreciation expense $28,900 Other expenses 68, 680 97,500 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 ok int 1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in cash for year 2019? nt > Complete this question by entering your answers in the tabs below. ences Required 1 Required 2 How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. Accounts Receivable Bog. bal. End, bal Required 2 >