At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory Prepaid expenses Total current assets: Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable wages payable Income taxes payable Total current liabilities Notes payable (long-tere) Total liabilities Equity 2021 2020 $54,000 $ 24,000 41,000 51,000 85,000 95,800 5,400 4,200 227,000 175,000 109,900 119,000 (37,000) $ 119,000 $285,000 $15,000 $21,000 5,000 5,000 1,400 2,600 25,400 28,600 29,000 9,000 54,400 97,600 Common stock, $5 par value 220,000 179,000. Retained earnings 25,600 3,400 Total liabilities and equity $319,000 $285,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $480,000 314,000 174,000 9,100 37,00 47,300 37,300 $30,000 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis 2. What is the net increase or decrease in the Cash account for year 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 F2 F3 F4 FS 8 < Prev 20 21 22 of 27 O Search