Saved Lesson 7 HW (Graded) 3 $218,300 $241,900 Total liabilities and equity 5 points CRUI, INC. Income statement For Year Ended December 31, 2019 Sales $373,800 Cost of goods sold 240,600 Gross profit 133,200 Operating expenses Depreciation expense $20.800 Other expenses 68,300 97,100 Income before taxes 36,100 Income taxes expense 13,100 Net income $ 23,000 eBook Hint Print 1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in cash for year 2019? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis. Accounts Receivable Begal (End, bal. Required 2 > 3 QS 12-25B Direct: Computing cash received from customers LO P5 5 points 2018 eBook CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 72,900 Accounts receivable, net 31,300 Inventory 65,600 Prepaid expenses 4,000 Total current assets 173,800 Furniture 80,600 Accum. depreciation Furniture (12.500) Total assets $241,900 Liabilities and Equity Accounts payable $ 11,400 Wages payable 6,800 Income taxes payable 1,200 Total current liabilities 19,400 Notes payable (long-term) 24,800 Total liabilities 44,200 Equity Common stock, $5 par value 170,300 Retained earnings 27,400 Total liabilities and equity $241,900 $ 18,100 38, 400 72,100 3,300 131,900 93,500 (7.100) $ 218,300 Hint Print References $ 16,100 3.800 2,100 22,000 55,800 77.800 134,800 5,700 $218,300 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $373,800 Cost of goods sold 240,600 Gross profit 133,200 Operating expenses Depreciation expense $ 28,800 Other expenses 68,300 97,100 Income before taxes 36,100 Income taxes expense 13,100 Net income $ 23,000