QS 12-25B Direct: Computing cash received from customers LO P5 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 71,600 Accounts receivable, net 30,900 Inventory 64,700 Prepaid expenses 4,000 Total current assets 171,200 Furniture 80,600 Accum. depreciation-Furniture (12,500) Total assets $ 239, 300 Liabilities and Equity Accounts payable $ 11,300 Wages payable 6,800 Income taxes payable 1,100 Total current liabilities 19,200 Notes payable (long-term) 22,800 Total liabilities 42,000 Equity Common stock, $5 par value 174,100 Retained earnings 23,200 Total liabilities and equity $ 239, 300 $ 18,000 38,200 71,700 3,300 131,200 93,500 (7,000) $ 217,700 $ 16,000 3,800 2,100 21,900 55,800 77,700 138,700 1,300 $ 217,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $ 372,800 Cost of goods sold 239,900 Gross profit 132,900 Operating expenses Depreciation expense $ 28,700 Other expenses 68,100 96,800 Income before taxes 36,100 Income taxes expense Net income $ 22,900 13,200 1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in cash for year 2019? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. Accounts Receivable Beg. bal. 38,200 372,800 Sales on account 380,100 Cash collections from customers Accounts recovered End. bal. x (22,700) X 53,600