CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31	2021	2020
Assets
Cash	$ 62,800	$ 15,700
Accounts receivable, net	27,000	33,300
Inventory	56,600	62,500
Prepaid expenses	3,500	2,900
Total current assets	149,900	114,400
Furniture	70,500	82,200
Accumulated depreciationFurniture	(10,900)	(6,200)
Total assets	$ 209,500	$ 190,400
Liabilities and Equity
Accounts payable	$ 9,900	$ 14,000
Wages payable	5,900	3,300
Income taxes payable	1,000	1,800
Total current liabilities	16,800	19,100
Notes payable (long-term)	20,700	47,800
Total liabilities	37,500	66,900
Equity
Common stock, $5 par value	150,000	121,000
Retained earnings	22,000	2,500
Total liabilities and equity	$ 209,500	$ 190,400

CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 326,000 Cost of goods sold 209,800 Gross profit 116,200 Operating expenses (excluding depreciation) 59,500 Depreciation expense 25,100 Income before taxes 31,600 Income taxes expense 11,500 Net income $ 20,100

Furniture
Beginning balance
Ending balance	0
Accumulated Depreciation
Beginning balance
Ending balance	0
Cost
Accumulated depreciation
Book value (Cash received)		$0