Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help i need this done asap CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current

please help i need this done asap image text in transcribed
image text in transcribed
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 \begin{tabular}{rr} 2021 & \multicolumn{1}{r}{2020} \\ \hline$82,800 & $20,600 \\ 35,500 & 43,700 \\ 74,300 & 82,000 \\ 4,600 & 3,700 \\ \hline 197,200 & 150,000 \\ 92,800 & 104,800 \\ (14,400) & (8,000) \\ \hline$275,600 & $246,800 \\ \hline \hline \end{tabular} Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities \begin{tabular}{rr} \hline \hline 13,000 & $18,200 \\ 7,700 & 4,300 \\ 1,300 & 2,400 \\ \hline 22,000 & 24,900 \\ 26,800 & 63,700 \\ \hline 48,800 & 88,600 \end{tabular} Equity Common stock, $5 par value Retained earnings Total liabilities and equity CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold GrossprofitOperatingexpenses(excludingdepreciation)150,60077,100 Depreciation expense Income before taxes Income taxes expense Net income 32,50041,00014,900$26,100 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

More Books

Students also viewed these Accounting questions