CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets $ 24,000 $94,800 41,0ee 85,800 5,400 51,00e 95,800 4,200 227,000 175,000 Furniture 109,000 (17,000 119,000 Accum. depreciation-Furniture (9,000) Total assets $319,000 $285,000 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 $ 15,00e 9,000 $ 21,000 5,000 1,400 2,600 25,400 29,000 28,600 69,000 54,400 97,600 179,000 8,400 229,000 35,600 $319,000 $285,000 CRUZ, INC Income Statement Next Prev 1 of 1 hp prki CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 314,000 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense 174,000 $37,600 89,100 126,700 47,300 17,300 $ 30,000 Net income 16-11 Indirect: Computing cash from operations quired: the indirect method to prepare.the cash provided or used fro company. (Amounts to be deducted should be indicated wit mework Saved Required information this company. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Net income Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities S 1 of 1 Rre Next hp