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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets $
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets $ $ Cashi 64,300 16,100 Accounts receivable, net 27,600 34,100 Inventory 57,700 64,000 Prepaid expenses 3,600 2,900 Total current assets 153,200 117,100 Furniture 72,600 82,200 Furniture Accumulated depreciation- Total assets (11,200) (6,200) $ $ 214,600 193,100 Liabilities and Equity $ $ Accounts payable 10,100 14,200 Wages payable 6,000 3,300 Income taxes payable 1,000 1,800 Total current liabilities 17,100 19,300 Notes payable (long-term) 20,600 47,700 Total liabilities 37,700 67,000 Equity Common stock, $5 par value 154,700 123,700 Retained earnings 22,200 2,400 Total liabilities and $ $ equity 214,600 193,100 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 330,500 212,700 117,800 60,300 25,400 32,100 11,700 $ 20,400 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 2021? Complete this question by entering your answers in the tabs below. Required 1 Required Assume that all common stock is issued for cash. What amount of cash dividends is paid during 20217 Beginning balance Retamed Earrings Ending balance < Regisit Required 2 > 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 2021? Beginning balance Ending balance Notes Payable < Required 1 Required 2
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