QS 12-17 (Algo) Computing financing cash outflows LO P3 - A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 62,700 $ 15,700 Accounts receivable, net 27,000 33,300 Inventory 56,600 62,500 Prepaid expenses 3,500 2,900 Total current assets 149,800 114,400 Furniture 70,500 82,200 Accumulated depreciation-Furniture (10,900) (6,200) Total assets $ 209,400 $ 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 152,200 123,000 Retained earnings 19,700 500 Total liabilities and equity $ 209,400 $ 190,400 ces 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 $ 326,000 209,800 116,200 59,500 25, 100 31,600 11,500 $ 20,100 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Hint 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid Retained Earnings Beginning balance Ending balance Required 1 Required 2 > Complete this question by entering your answers in the tabs below. nces Required 1 Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to 2021? Notes Payable Beginning balance Ending balance