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 22,100 46,900 88,000 4,000 161,000 113,300 8,600 $295,600 $265,700 38,200 80,000 4,900 212,100 98,800 (15,300) ( 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 $ 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 sol Gross profit Operating expenses $454,900 292,800 162,100 Depreciation expense $35,000 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 16-15B Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2017? Cash paid for inventory 2. How much cash is paid for "other expenses" during year 2017? (Hint: Examine prepaid expenses and wages payable.) Cash paid for other expenses