Saved 3 5.55 points eBook QS 16-7 Indirect: Computing cash from operations LO P2 A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2019 Hint Assets Cash Accounts receivable, net Print References Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets 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 Total liabilities and equity Mc Graw CRUZ, INC. Income Statement 2019 2018 $ 82,800 $ 20,600 35,500 43,700 74,300 82,000 4,600 3,700 197,200 150,000 92,800 104,800 (14,400) (8,000) $275,600 $246,800 $ 13,000 $ 18,200 7,700 4,300 1,300 2,400 22,000 24,900 26,800 63,700 48,800 88,600 198,800 155,300 28,000 2,900 $275,600 $246,800 Brou 3 of 15 Next Ch 16: Problem Solving 3 CRUZ, INC.. Income Statement For Year Ended December 31, 2019 Sales 5.55 Cost of goods sold Gross profit points Operating expenses Depreciation expense Other expenses eBook Hint Income before taxes $422,500 271,900 150,600 $32,500 77,100 109,600 41,000 14,900 $ 26,100 Saved Print References Income taxes expense Net income Required: Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to B be indicated with a minus sign.) Mc Graw Cash flows from operating activities Net income Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities Ch 16: Problem Solving 3 Required: Seved 5.55 points Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) eBook Hint Print References Cash flows from operating activities Net income Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities 0 $ 0 Help