Return to quest Required information [The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Indc CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets $ 69,200 17,200 36,500 68,500 3.100 29,700 62,200 3,800 164,900 76,600 125,300 87,800 (11,900)(6,700) $229,600 $206,400 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 s 10,800 $ 15,200 3,600 2,000 20,800 6,400 1,100 18,300 -221700 53,100 73,900 41,000 127,800 4,700 $229,600 $206,400 162,900 25,700 Total liabilities and equity CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $353,400 227,500 125,900 Depreciation expense $27,200 64 50091,700 34,200 Other expenses Income before taxes Income taxes expense Net income 12,400 21,800 Furniture costing $67,200 is sold at its book value in 2017. Acquisitions of furniture total $56,000 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? Answer is not complete Furniture Beg. bal Purchase of assets 87,800 56,000 67,200 Sale of assets End. bal 76,600 Accumulated Depreciation 6,700 11,900 depreciation Beg. bal 2017 End. bal 18,600 Cost Accumulated depreciation Book value (Cash received) 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? Retained Earnings 4,700 21,800 2017 Net income Beg. bal. End. bal 26,500 Notes Payable Beg. bal End. bal 1. How much cash is received from sales to customers for year 2017? Accounts Receivable Beg. bal. End. bal. 2. What is the net increase or decrease in cash for year 2017