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A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets 2021 2020 At December 31 Assets Cash $
A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets 2021 2020 At December 31 Assets Cash $ 91,1ee 39,100 81, Bee 5,200 217,200 105,000 (16,200 $ 386, ene $ 22,900 48,60 91,300 4,100 166,900 116,200 (8,700) $ 274,400 Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Connon stock, 55 par value Retained earnings Total 11ab1lities and equity $ 14,400 8,600 1,400 24,400 28,909 53,300 $ 20,200 4,500 2, see 27,200 56,400 93,600 216,480 36,30 $ 305,000 172,100 8.700 $ 274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Income taxes expense Net Income $ 469,700 302,300 167,400 85,900 36, 2ee 45,300 500 3 28,300 QS 12-28B (Algo) Direct: Computing cash from operations LO P5 Use the above balance sheet and income statement to prepare the operating activities section by direct method Assume all the sales were made on credit basis (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities
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