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CRUZ, INC. Income Statement For Year Ended December 31, 2016 Sales $ 454,900 Cost of goods sold 292,800 Gross profit 162,100 Operating expenses Depreciation expense
CRUZ, INC. Income Statement For Year Ended December 31, 2016 | ||||||
Sales | $ | 454,900 | ||||
Cost of goods sold | 292,800 | |||||
Gross profit | 162,100 | |||||
Operating expenses | ||||||
Depreciation expense | $ | 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 2016? 2. How much cash is paid for "other expenses" during year 2016? (Hint: Examine prepaid expenses and wages payable.)
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