CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated 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 2021 $ 82,800 35,500 74,300 2020 $ 20,600 43,700 82,000 4,600 3,700 197,200 150,000 92,800 104,800 (14,400) (8,000) $ 275,600 $ 246,800 $13,000 7,700 $ 18,200 4,300 1,300 2,400 22,000 24,900 26,800 63,700 48,800 88,600 198,800 28,000 155,300 2,900 Total liabilities and equity $ 275,600 $ 246,800 CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 Cost of goods sold $ 422,500 271,900 150,600 Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 77,100 32,500 41,000 14,900 $ 26,100