Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

need help A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets

need help
image text in transcribed
image text in transcribed
A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accumulated depreciation-Furniture (11,900) Total assets $ 229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,700 Total liabilities 41,000 Equity Common stock, $5 par value 162,900 Retained earnings 25,700 Total liabilities and equity $ 229,600 $ 17,200 36,500 68,500 3,100 125,300 87,800 (6,700) $ 206,400 $ 15,200 3,600 2,000 20,800 53, 100 73,900 127,800 4,700 $ 206,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 353, 400 227,500 125,900 64,500 27,200 34,200 12,400 $ 21,800 1. How much cash is paid to acquire inventory during year 20217 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable 1. Cash paid for inventory 2. Cash paid for operating expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

16th edition

978-1259307416

Students also viewed these Accounting questions

Question

5.7

Answered: 1 week ago