Required information Use the following information for the Quick Study below. The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 85,900 Accounts receivable, net 36,900 Inventory Prepaid expenses 4.900 Total current assets 204,900 Furniture 98,900 Accum. depreciation-Furniture (15,300) Total assets $288,500 Liabilities and Equity Accounts payable $ 13,600 Wages payable 8,100 Income taxes payable 1,300 Total current liabilities 23,000 Notes payable (long-term) 26,800 Total liabilities 49,800 Equity Common stock, $5 par value 207,600 Retained earnings 31,100 Total liabilities and equity $288,500 $ 21,600 45,800 86,000 3,900 157,300 110,500 (8,300) $259,500 $ 19,100 4,300 2,400 25,800 63,700 89,500 165, 100 4,900 $259,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 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 7 Ch 12 Graded Practice Saved Help Save & Exit Submit Check my work rt 3 of 4 CRUZ, INC. Income Statement For Year Ended December 31, 2017 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 nts QS 12-13 Computing financing cash outflows LO P3 Print 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? References Retained Earnings Beg bal. End, bal Notes Payable Beg. bal. End, bal o 56 of 6 Next > $34,200 81,200 Depreciation expense Other expenses Income before taxes Income taxes expense Net income 115,400 42,900 15,600 $ 27,300 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $75,600 is sold at its book value in 2017. Acquisitions of furniture total $64,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture Beg. bal. Cash 2017 depreciation End. bal.: 0 Accumulated Depreciation Beg. bal. End, bal Cost Accumulated depreciation Book value (Cash received) CRUZ, INC. Income Statement For Year Ended December 31, 2017 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 QS 12-16B Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the cash provided (used) from operating activities section by direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities $ 0
