QS 12-25B Direct: Computing cash received from customers LOP CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 $ 85,900 36,900 77,200 4,900 204,900 98,900 (15,300) $288,500 $ 21,600 45,800 86,000 3,900 157,300 110,500 (8,300) $259,500 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 13,600 8,100 1,300 23,000 26,800 49,800 $ 19,100 4,300 2,400 25,800 63,700 89,500 207,600 31,100 $288,500 165,100 4,900 $259,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $444,200 Cost of goods sold 285,900 Gross profit 158,300 Operating expenses Depreciation expense $ 34,200 Other expenses 81,200 115,400 Income before taxes 42,900 Income taxes expense 15,600 Net income $ 27, 300 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? 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 20192 Assume all the sales were made on credit basis. Accounts Receivable Beg bal 0 End bal Prey 8 of 14 Next > 2. What is the net increase or decrease in cash for year 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the net increase or decrease in cash for year 2019?