A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash. Accounts receivable, net Prepaid expenses Inventory Total current assets Furniture. Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2021 2020 $ 75,900 $ 18,900 32,600 68,300 40,100 75,300 4,200 3,500 137,800 181,000 84,600 (13,100) $ 252,500 $ 11,900 7,100 99,200 (7,500) $ 229,500 $ 16,900 4,000 1,200 2,200 20,200 23,100 24,800 58,400 45,000 81,500 177,300 141,500 30,200 6,500 $ 252,500 $ 229,500 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit $ 392,900 252,900 140,000 Sales 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 $ 392,900 252,900 140,000 71,600 30,200 38,200 13,900 $ 24,300 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 2021? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory 2. Cash paid for operating expenses