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[The following information applies to the questions displayed below.) A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 75,900 Accounts receivable, net 32,600 Inventory 68,300 Prepaid expenses 4,200 Total current assets 181,000 Furniture 84,600 Accum. depreciation-Furniture (13,100 Total assets $252,500 Liabilities and Equity Accounts payable $ 11,900 Wages payable 7,100 Income taxes payable 1,200 Total current liabilities 20, 200 Notes payable (long-term) 24,800 Total liabilities 45,000 Equity Common stock, $5 par value 177,300 Retained earnings 30,200 Total liabilities and equity $ 252,500 $ 18,980 40,100 75,300 3,500 137,800 99,200 (7,580) $229,500 $ 16,900 4,000 2,200 23,100 58,400 81,500 141,500 6,508 $229,500 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $392,900 Cost of goods sold 252,900 Gross profit 140,000 Operating expenses Depreciation expense $ 30,200 Other expenses 71,600 101,800 Income before taxes 38,200 13,900 Income taxes expense $ 24,300 Net income Required: Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company (Amounts to be deducted should be indicated with a minus sign.) 24,300 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 urniture costing $67,600 is sold at its book value in 2017. Acquisitions of furniture total $53,000 cash, on which no depreciation is vecessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Beg. bal. End, bal Accumulated Depreciation Beg bal. End bal 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 Laming Beg bal End, bal Notes Payable Beg bal Endbal How much cash is received from sales to customers for year 2017. Beg bal End bal 0 2. What is the net increase or decrease in cash for year 2017 1. How much cash is paid to acquire inventory during year 2017? Cash paid for inventory 2. How much cash is paid for other expenses" during year 2017? (Hint: Examine prepaid expenses and wages payable.) Cash paid for other expenses Use the above balance sheet and income statement to prepare the cash provided (used) from operating activities section by direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities