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QS 16-17 (Algo) Computing financing cash outflows LO P3 A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 71,600 Accounts receivable, net 30,900 Inventory 64,700 Prepaid expenses 4,000 Total current assets 171,200 Furniture 80,600 Accumulated depreciation-Furniture (12,500) Total assets $ 239, 300 Liabilities and Equity Accounts payable $ 11,300 Wages payable 6,800 Income taxes payable 1,100 Total current liabilities 19,200 Notes payable (long-term) 22,800 Total liabilities 42,000 Equity Common stock, $5 par value 174,100 Retained earnings 23, 200 Total liabilities and equity $ 239,300 $ 18,000 38,200 71,700 3,300 131,200 93,500 (7,000) $ 217,700 $ 16,000 3,800 2,100 21,900 55,800 77,700 138,700 1,300 $ 217,700 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold $ 372,800 239,900 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 $ 372,800 239,900 132,900 68.100 28,700 36,100 13,200 $ 22,900 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017 Retained Earnings Beginning balance 2021 Net income Dividends paid Ending balance 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 20217 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Complete this question by entering your answers in the tabs below. Required 1 Required b Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notre payable balance in 20212 Notes Payable Beginning balance Payment on notes payable 0 Ending balance