CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 89,000 $ 22,100 Accounts receivable, net 38,200 46,900 Inventory 80,000 88,000 Prepaid expenses 4,900 4,000 Total current assets 212, 100 161,000 Furniture 98,800 113,300 Accum. depreciation-Furniture 15,300) (8,600) Total assets $295,600 $265,700 Liabilities and Equity Accounts payable $ 13,900 $ 19,600 Wages payable 8, 200 4,600 Income taxes payable 1,400 2,600 Total current liabilities 23, 500 26, 800 Notes payable (long-term) 28,900 69,000 Total liabilities 52,400 95, 800 Equity Common stock, $5 par value 215,000 169, 100 Retained earnings 28, 200 800 Total liabilities and equity $295,600 $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $454,900 Cost of goods sold 292,800 Gross profit 162, 100 Operating expenses Depreciation expense 5 35,000 Other expenses 83,000 118,000 Income before taxes 44,100 Income taxes expense 16.000 Net Income $ 28,100 1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint Examine prepaid expenses and wages payable. 1 Cash paid for inventory Cash paid for other expenses 2