Answered step by step
Verified Expert Solution
Question
1 Approved Answer
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 64,300 27,600 57,700 3,600 153,200 72,600 (11,200) $214,600 $ 16,100 34,100 64,000 2,900 117,100
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 64,300 27,600 57,700 3,600 153,200 72,600 (11,200) $214,600 $ 16,100 34,100 64,000 2,900 117,100 82,200 (6,200) $193, 100 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets 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 $ 10,100 6,000 1,000 17,100 20,600 37,700 $ 14,200 3,300 1,800 19,300 47,700 67,000 154,700 22,200 $214,600 123,700 2,400 $193, 100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $330,500 Cost of goods sold 212,700 Gross profit 117,800 Operating expenses Depreciation expense $ 25,400 Total liabilities and equity $ 214,600 $193,100 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $330,500 Cost of goods sold 212,700 Gross profit 117,800 Operating expenses Depreciation expense $ 25,400 Other expenses 60,300 85,700 Income before taxes 32,100 Income taxes expense 11,700 Net income $ 20,400 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Cash received from dividends Payments for inventory Payments for other expenses Payments for taxes $ 0 Receipts from sales to customers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started