HUULIL.LUMINIUWLUEcl.html 16 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 66. 100 1 Accounts receivable, net 28,500 Inventory 59,700 66,1 Prepaid expenses 3,700 3,000 Total current assets 158,000 120,900 Furniture 74,600 85,000 Accum. depreciation-Purn (11,600) (6,400 Total assets $221,000 $199,500 Liabilities and Equity Accounts payable $ 10.400 $ 14.700 Wages payable 6,300 3,500 Income taxes payable 1,0001 , 900 Total current liabilities 17,700 20,100 Notes payable (long-term) 20,700 50,500 Total liabilities 38,400 70,600 Equity Common stock, $5 par value Retained earnings Total liabilities and equity $221,000 $199,500 / CRUZ, INC. Income Statement For Year Ended December 31, Sales Cost of goods sold Gross profit. Operating expenses Depreciation expense $26,300 Other expenses . 62,400 Income before taxes Income taxes expense Net income 88,700 33,100 12,100 10 QS 16-11 Indirect: Computing cash from operations LO P2 Required: Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows 1 this company. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities