S 12-17 Computing financing cash outflows LO P3 A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2019 Book Print Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture erences Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities 2019 2018 $ 85,600 $ 21,300 36,800 45,200 77,100 84,900 4,700 3,900 204,200 155,300 94,700 110,500 (14,700) (8,400) $284, 200 $257,400 $ 13,400 $ 19,000 8,000 4,500 1,400 2,500 22,800 26,000 28,900 66,400 51,700 92,400 204,000 162,300 28,500 2,700 Total liabilities and equity $284,200 $257,400 Equity Common stock, $5 par value Retained earnings AN CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses $440, 700 283,700 157,000 < Prev nces Sales CRUZ, INC. Income Statement For Year Ended December 31, 2019 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $440,700 283,700 157,000 $33,900 80, 400 114,300 42,700 15,500 $ 27,200 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? 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 2019? Beg bal Retained Earnings End. bal Required 2 > Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $440,700 283,700 157,000 $33,900 80,400 114,300 42,700 15,500 $ 27,200 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019? Notes Payable Beg. bal. End. bal. 0