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A comparative balance sheet and income statement is shown for Cruz, Inc 2 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 16.66 Doints

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A comparative balance sheet and income statement is shown for Cruz, Inc 2 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 16.66 Doints $ 71,600 30,900 64,700 4,000 171,200 30,600 (12,500) $239,300 $ 18,000 38,200 71,700 3,300 131,200 93,500 (2.000) $217,700 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current abilities Notes payable (long-term) Total liabilities Equity Common stock, 55 par value Retained earnings Total liabilities and equity $ 11,300 6,600 1,100 19,200 22,800 42,000 $ 16,000 3,800 2.100 21,900 55,800 77,700 174,100 23,200 $299, 300 138,700 1,300 $217,700 2 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $372,800 Cost of goods sold 239,900 Gross profit 132,900 Operating expenses Depreciation expense $28,700 Other expenses 68,168 96,800 Income before taxes 36,100 Income taxes expense 13,200 Net income 5.22,900 16.66 points Required: Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to L 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 orating anots and liabilities 2 Required: Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted shoul be indicated with a minus sign.) Cash flows from operating activities 16.66 Doints Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities 0 5 0

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