Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could someone please help me with this accounting question? CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 73,200 31,400 65,700 4,100 174,400

image text in transcribed

Could someone please help me with this accounting question?

CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 73,200 31,400 65,700 4,100 174,400 82,700 (12,800) $244,300 $ 18,300 38,800 72,800 3,300 133,200 93,500 (7,100) $219,600 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 liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 11,500 6,800 1,100 19,400 22,700 42,100 $ 16,200 3,800 2,100 22,100 55,700 77,800 173,100 29, 100 $244,300 134,500 7,300 $219,600 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses Depreciation expense $ 28,900 Other expenses 68,600 97,500 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions

Question

How many elecrons make up a charge of -48.0C?

Answered: 1 week ago