CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 99,000 42,800 89,600 5,600 237,000 113,000 (17,600) $332,400 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $297,500 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 $ 15,600 9,400 1,500 26,500 31, 100 57,600 $ 21,900 5,200 2,700 29,800 65,700 95,500 238,600 36,200 $332,400 190,000 12,000 $297,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $509,400 Cost of goods sold 327,800 Gross profit 181,600 Operating expenses Depreciation expense $39,200 Other expenses 92,900 132,100 Income before taxes 49,500 Income taxes expense 18,100 Net income $ 31,400 Required: Answer is complete but not entirely correct. $ 31,400 39,200 Cash flows from operating activities Net income Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Accounts receivable decrease Changes in current operating assets and liabilities Accounts payable decrease Accounts receivable decrease Wages payable increase Prepaid expense increase Inventory decrease Income taxes payable decrease Wages payable decrease Net cash provided by operating activities 6,300 X 10,300 4,200 1,200 10.100 1,200 0 72,500 103,900 $