QS 16-17 (Algo) Computing financing cash outflows LO P3 A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2020 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 64,300 Accounts receivable, net 27,600 Inventory 57,700 Prepaid expenses 3,600 Total current assets 153,200 Furniture 72,620 Accumulated depreciation-Furniture (11,280) Total assets $ 214,680 Liabilities and Equity Accounts payable $ 10, 180 Wages payable 6, eee Income taxes payable 1,000 Total current liabilities 17,100 Notes payable (long-term) 20,680 Total liabilities 37, 780 Equity Common stock, $5 par value 154,700 Retained earnings 22, 2ee Total liabilities and equity $ 214,600 $ 16,100 34,100 64, eee 2,900 117,180 82,200 (6,280) $ 193, 100 $ 14,280 3,388 1,800 19,300 47,700 67,800 123,700 2,488 $ 193, 100 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 $ 330,500 212,700 117,800 68,300 25,488 32.lee 11,700 $ 20,400 1 Acoume that all common stoclic icche ne cach What amount of rach dividenricic naidd 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2022 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? Retained Earnings Beginning balance Ending balance Required 2 > 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 20212 Complete this question by entering your answers in the tabs below. Required Required 2 Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 20212 Notes Payable Beginning balance Ending balance