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Required Information Use the following information for the Quick Study below. The following Information applies to the questions displayed below) A comparative balance sheet and income statement is shown for Cruz, Inc. Laventory CRUZ INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 62,800 $ 15,700 Accounts receivable, net 27,000 33,300 56,600 62,500 Prepaid expenses 3,500 2,900 Total current assets 149,900 114,400 Furniture 70,500 82,200 Accum. depreciation-Furniture (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 47,890 Total liabilities 37,500 66,900 Equity Common stock, $5 par value Retained earnings Total liabilities and equity 150,000 22,000 $209,500 121,000 2,500 $190,400 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $326,000 Cost of goods sold 209,800 Gross profit 116,200 Operating expenses Depreciation expense $25,100 Other expenses 59,590 84,600 Income before taxes 31,600 CRUZ INCU Income Statement Fon Year Ended December 31, 2017 Sales $326,000 Cost of goods sold 299,800 Gross profit 116,200 Operating expenses Depreciation expense $25,100 Other experises 59,500 84, 600 Income before taxes 31,600 Income taxes expense (11,500 Net income $ 20,100 QS 12-13 Computing financing cash outflows LO P3 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Beg, bal Retained Earnings 2,500 End. bal. 2,500 Notes Payable Begi ball End, bal 0 ere to search JU