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 asseta 154,000 Turniture 72,600 Accun depreciation Furniture (11,300) Total aseta $215,300 Liabilities and Equity Accounts payable $ 10,100 Wagea payable 6,100 Income taxes payable 1,000 Total current liabilities 14.200 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 16,200 34.400 64,600 2,900 118,100 82,200 (6,200) $194,100 $ 14,300 3,400 1,800 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 taxes 32,200 Income taxes expense 11,800 Net income $ 20,400 Required information Furniture costing $56.600 is sold at its book value in 2017. Acquisitions of furniture total $47000 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? Accumulated Depreciation Accumulated depreciation Book value Cash received) OS 12-13 Computing financing cash outflows LO P3 Assume that all common issued for cash What amount of cash didend is paid during 2017 2. Assume that no additional notes payable are issued in 2017 Watch amount is paid to reduce the speable balance in 2017 GS 12-14B Direct: Computing cash received from customers LO PS 1. How much cash is received from sales to customers for year 2017? Accounts Receivable OS 12-15B Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2017? Cash paid for inventory 2. How much cash is paid for other expenses during year 2017? (Hint Examine prepaid expenses and wages payable) Cash paid for other expenses OS 12-16B Direct: Computing cash from operations LO PS Use the above balance sheet and income statement to prepare the cash provided used from operating activities section by direct method Amounts to be deducted should be indicated with a minus sign)