CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assetsS Furniture Accum. depreciation-Furniture Total assets $ 72,900 18,100 38,400 72,100 3,300 173,800 131,900 93,500 31,300 65,600 4,000 80,600 (12,500) (7,100) $241,900 $218,300 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 s 11,400 $ 16,100 3,800 2,100 22,000 55,800 77,800 6,800 1,200 19,400 24,800 44,200 170,300 134,800 5.700 27,400 $ 241,900 $218,300 CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $373,800 240,600 133, 200 Depreciation expense $28,80e Other expenses Income before taxes Income taxes expense Net income 68, 300 97,100 36,100 13,100 s 23,90e S 16-13 Computing financing cash outflows LO P3 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Beg. bal 5,700 End. bal Notes Payable 55.8 End. bal