QS 12-17 (Algo) Computing financing cash outflows LO P3

A comparative balance sheet and income statement is shown for Cruz, Incorporated.

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?

\begin{tabular}{lrr} & CRUZ, INCORPORATED \\ At December 31 & Comparative Balance & Sheets \\ \cline { 2 - 3 } Assets & 2021 & 2020 \\ Cash & & \\ Accounts receivable, net & 66,100 & $16,600 \\ Inventory & 28,500 & 35,200 \\ Prepaid expenses & 59,700 & 66,100 \\ Total current assets & 3,700 & 3,000 \\ Furniture & 158,000 & 120,900 \\ Accumulated depreciation-Furniture & (11,600) & (6,400) \\ Total assets & $221,000 & $199,500 \\ Liabilities and Equity & & \\ Accounts payable & 10,400 & $14,700 \\ Wages payable & 6,300 & 3,500 \\ Income taxes payable & 1,000 & 1,900 \\ Total current liabilities & 17,700 & 20,100 \\ Notes payable (long-term) & 20,700 & 50,500 \\ Total liabilities & 38,400 & 70,600 \\ Equity & 159,500 & 125,000 \\ Common stock, \$5 par value & 23,100 & 3,900 \\ Retained earnings & $221,000 & $199,500 \\ Total liabilities and equity \end{tabular} Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021