CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets $ 89,000 38,200 80,000 4,900 212,100 98,800 22,100 46,900 88,000 4,000 161,000 113,300 (15,300) (8,600) $295,600 $265,700 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 $ 13,900 19,600 4,600 2,600 26,800 69,000 95,800 8,200 1,400 23,500 28,900 52,400 215,000 28,200 169,100 800 $295,600 $265,700 CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $454,900 292,800 162,100 Depreciation expensee Other expenses $35,000 83,000 118,000 petating expenses Depreciation expense$35,000 Other expenses Income before taxes Income taxes expense Net income 83,000 118,000 44,100 16,000 $ 28,100 QS 16-16B Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the cash provided (used) from operating activities section by direct method. (Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities Receipts from sales to customers Payments for inventory Payments for other expenses Payments for taxes Net cash provided by operating activities