6 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2016 66,100 28,500 59,700 3,700 158,000 74,600 (11,600) $221,000 $ 16,600 35,200 66,100 13,000 120,900 85,000 6,400) $199,500 Assets Cash Accounts receivable, net 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 $ 10,400 6,300 1,000 17,700 20,700 38,400 $ 14,700 3,500 1,900 20,100 50,500 70,600 159,500, 23,100 $221,000 125,000 3,900 $199,500 IN 800 CRUZ, INC. Income Statement For Year Ended December 31, Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses 62,400 Income before taxes Income taxes expense Net income $26,300 88,700 33, 100 12,100 $ 21,000 MacBook Pro Homework Saved Help ! 121,800 Gross profit Operating expenses Depreciation expense Other expenses Incone before taxes Income taxes expense Net income $26,300 62,400 88,700 33, 100 12.100 $ 21,000 QS 16-13 Computing financing cash outflows LO P3 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 Beg, bal End. bal. Notes Payable Beg bal. End, bal MacBook Pro