Ch 12: Homework A Saved Hel 13 2019 0.52 points CRUZ, INC. Comparative Balance Sheets At December 31 2020 Assets Cash $ 99,000 Accounts receivable, net 42,800 Inventory 89,600 Prepaid expenses 5,600 Total current assets 237,000 Furniture 113,000 Accum. depreciation-Furniture (17,600) Total assets $332,400 Liabilities and Equity Accounts payable $ 15,600 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,500 Notes payable (long-term) 31,100 Total liabilities 57,600 Equity Common stock, $5 par value 238,600 Retained earnings 36,200 Total liabilities and equity $332,400 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 eBook Hint $ 21,900 5,200 2,700 29,800 65, 700 95,500 Print 190,000 12,000 $ 297,500 References CRUZ, INC. Income Statement For Year Ended December 31, 2020 Sales $509,400 Cost of goods sold 327,800 Gross profit 181,600 Operating expenses (excluding depreciation) 92,900 Depreciation expense 39,200 Income before taxes 49,500 Income taxes expense 18,100 Net income $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2020? 2. Assume that no additional notes payable are issued in 2020. What cash amount is paid to reduce the notes payable balance in 2020? 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2020? 2. Assume that no additional notes payable are issued in 2020. What cash amount is paid to reduce the notes payable balance in 2020? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2020? Retained Earnings Beg. bal. End. bal. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that no additional notes payable are issued in 2020. What cash amount is paid to reduce the notes payable balance in 2020? Notes Payable Beg. bal. End. bal.