Use the following information for the Quick Study below. A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets $ 72,900 18,100 38,400 72,100 3,300 173,800131,900 93,500 (12,500)7 100) 31,300 65,600 4,000 80,600 $241,900 $218,300 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable iong term) Total liabilities Equity Common stock, $5 par valuse Retained earnings 11,400 16,109 3,800 2,100 22,000 24,80055,800 800 6,800 1,200 19,400 44, 200 170, 300 134,800 5,702 27 40 57680 $241,90$218,3e0 Total liabilities and equity Total liabilities and equity CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $373,800 240,600 133, 200 Depreciation expense$28,800 Other expenses Income before taxes Income taxes expense 68,300 97,100 36,100 13,100 $ 23,000 Net income Required information is 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