CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 82,800 $ 20,600 Accounts receivable, net 35,500 43,700 Inventory 74,300 82,000 Prepaid expenses 4,600 3,700 Total current assets 197,200 150,000 Furniture 92,800 104,800 Accum. depreciation-Furniture (14,400) (8,000) Total assets $275,600 $ 246,800 Liabilities and Equity Accounts payable $ 13,000 $ 18, 200 Wages payable 7,700 4,300 Income taxes payable 1,300 2,400 Total current liabilities 22,000 24,900 Notes payable (long-term) 26,800 63,700 Total liabilities 48,800 88,600 Equity Common stock, $5 par value 198,800 155,300 Retained earnings 28,000 2,900 Total liabilities and equity $275,600 2246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $422,500 Cost of goods sold 271,900 Gross profit 150, 600 Operating expenses Depreciation 32,500 expense Other expenses 77,100 109,600 Income before taxes 41,000 Income taxes expense 14,900 1. How much cash is paid to acquire inventory during year 20197 2. How much cash is paid for other expenses during year 2019? Hint Examine prepaid expenses and wages payable. 1. Cash paid for inventory 2 Cash paid for other expenses