Required information (The following information applies to the questions displayed below.] 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 72,600 Accumulated depreciation-Furniture (11,200) Total assets $ 214,600 Liabilities and Equity Accounts payable $ 10,100 Wages payable 6,000 Income taxes payable 1,000 Total current liabilities 17,100 Notes payable (long-term) 20,600 Total liabilities 37,700 Equity Common stock, $5 par value 154,700 Retained earnings 22,200 Total liabilities and equity $ 214,600 $ 16,100 34,100 64,000 2,900 117, 100 82,200 (6,200) $ 193, 100 $ 14,200 3,300 1,800 19,300 47,700 67,000 123,700 2,400 $ 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 60,300 25,400 32,100 11,700 $ 20,400 5 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021? Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Sales on account Accounts Recelvablo 34,100 330,500 Cash collections from customers Ending Balance 364,600 Rogue 1 Required 2 > What is the net increase or decrease in the Cash account for year 2021?