Required Information Use the following information for the Quick Study below. (Algo) The following infomation applies to the questions displayed below.) A comparative balance sheet and income statement is shown for Cruz, Incorporated. 2eze $ 22,900 48,500 91,300 166,90 116,200 (8.200) $ 274,400 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 91,100 Accounts receivable, net 39,100 Inventory 81,00 Prepaid expenses 5200 Total current assets 217,280 Furniture 105, Accumulated depreciation Furniture (16,200 Total asset $ 306.000 Liabilities and Equity Accounts payable $ 14,00 Wages payable 8,600 Income taxes payable 1.480 Total current liabilities 24,400 Notes payable (long-term) 28,90 Total liabilities 53,30 Equity Common stock, 35 par value 216,400 Retained earnings 36,30 Total liabilities and equity $ 306,68 $ 20,200 4,500 2, see 27,20 66, 93,600 172,1ee 8,200 5 274,40 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profie Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $469, 700 382 267, 85, see 36,280 45,300 16,50 $ 28,8 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is pald to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation during year 2021? Hint Examin wages payable 1. Cash paid for inventory 2. Cash paid for operating expenses Required Information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below) A comparative balance sheet and income statement is shown for Cruz, Incorporated 202 CRUZ INCORPORATED Comparative Balance Sheets At December 31 2021 Assets Cash $ 91,100 Accounts receivable net 39,180 Inventory 81, Prepaid expenses 5,200 Total current assets 217, zee Furniture 105,000 Accumulated depreciation Furniture (16,200) Total assets $ 305, eee Liabilities and Equity Accounts payable $ 14, 4ee Wages payable 5,600 Income taxes payable 1.4ee Total current liabilities 14,6 Notes payable (long-term) 28,9ee Total liabilities 53,300 Equity Common stock, $5 par value 216,00 Retained earnings 36.28 Total liabilities and equity $ 306,00 $ 22,900 48,640 91,300 42100 166,900 116, 200 kezea 5 274,400 $ 20,200 4,500 2.See 22 200 66 dee 93,680 172, 1ee B700 $ 274,400 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 $ 469,00 382,3ee 162,000 85, 36,200 45,300 16 58 $ 28,00 QS 12-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activities section by direct method Assun were made on credit basis (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities