A comparative balance sheet and income statement is shown for Cruz, Inc. Updates 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 85,900 Accounts receivable, net 36,900 Inventory 77,200 Prepaid expenses 4,900 Total current assets 204,900 Furniture 98,900 Accum. depreciation-Furniture (15,300) Total assets $288,500 Liabilities and Equity Accounts payable $ 13,600 Wages payable 8, 100 Income taxes payable 1,300 Total current liabilities 23,000 Notes payable (long-term) 26,800 Total liabilities 49,800 Equity Common stock, $5 par value 207,600 Retained earnings 31,100 Total liabilities and equity $288,500 $ 21,600 45,800 86,000 3,900 157,300 110,500 (8,300) $259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165, 100 4,900 $259,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $444,200 Cost of goods sold 285,900 Gross profit 158,300 Operating expenses Depreciation expense $34, 288 Other expenses 81,280 115,400 Income before taxes 42,900 Income taxes expense 15,600 Net income $ 27,300 Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities Proir 3 of 6 HE Next >