A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 64,400 Accounts receivable, net 27,800 Inventory 58,200 Prepaid expenses 3,600 Total current assets 154,000 Furniture 72,600 Accum. depreciation-Furniture (11,300 Total assets $215,300 Liabilities and Equity Accounts payable $ 10,100 Wages payable 6,100 Income taxes payable 1,000 Total current liabilities 17,200 Notes payable (long-term) 20,700 Total liabilities 37,900 Equity Common stock, $5 par value 154,500 Retained earnings 22,900 Total liabilities and equity $ 215,300 $ 16,209 34,400 64,600 2,909 118,100 82,200 (6,200) $ 194,100 $ 14,389 3,400 1.809 19,500 47,800 67,300 124,000 2,800 $ 194,100 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $332,400 Cost of goods sold 213,900 Gross profit 118,500 Operating expenses Depreciation expense $ 25,600 Other expenses 60,700 86,300 Income before tax 32,200 Income taxes expense Net income $ 20,400 11.888 Furniture costing $56,600 is sold at its book value in 2017. Acquisitions of furniture total $47,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture Beg bal. End, bal Accumulated Depreciation Beg bal. End bal Cost Accumulated depreciation Book value (Cash received) 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Retained Earnings Beobal End, ba Notes Payable Beg be End, bal 1. How much cash is received from sales to customers for year 2017? Accounts Receivable Beg. bal. End. bal