Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A comparative balance sheet and income statement is shown for Cruz, Inc. 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $

image text in transcribedimage text in transcribedimage text in transcribed

A comparative balance sheet and income statement is shown for Cruz, Inc. 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 6,800 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, 100 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 77,800 134,500 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 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 68,600 97,500 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 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? 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 2019? Retained Earnings Beg. bal End. bal. 0 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? 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 notes payable balance in 2019? Notes Payable Beg. bal. End. bal. 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting Concepts And Practice

Authors: Arnold J. Pahler

9th Edition

0324233531, 978-0324233537

More Books

Students also viewed these Accounting questions

Question

Learning is a good thing for everyone. Discuss.

Answered: 1 week ago

Question

What should be the role of managers in HRD?

Answered: 1 week ago

Question

What should be the role of government in HRD?

Answered: 1 week ago