Chapter 16 Cash Flows from Financing Saved 3 Required Informatlon Use the following information for the Quick Study below. A comparative balance sheet and income statement Is shown for Cruz, Inc. 12.5 points CRUZ, INC Comparative Balance Sheets December 31, 2017 Skipped 2017 2016 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 liabilities Notes payable (long-term) Total 1iabilities Equity Common stock, $5 par value Retained earning:s Total liabilities and equity 85,600 21,380 45,280 84,900 3,900 204,200 155,300 94,700 11e,580 36,800 77,100 4,700 Hint (14,700)(8,480) $284,200 $257,480 Print $ 13,400 19,800 4,500 2,500 26,080 8,000 1,400 22,800 References -26:900 66,400 92,400 51,700 204,000 162,300 2,700 $284,200 $257,400 28,500 CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $440,7e0 283,700 157,880 Depreciation expense 533,900 Other expenses Income before taxes Income taxes expense Net income 60,400114,30e 42,7e 15,500 S 27,28e