Use the following information for the Quick Study below The following information applies to the questions displayed 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 (15,3e) (8,600) Total assets Liabilities and Equity $89,ea0 22,100 38,20046,9ee 80,000 88,00e 4,0e0 212,10161,00e 98,800113,300 4,900 $295,600 $265,708 13,9e019,6e0 Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value 215,ee0 169,100 Retained earnings Total liabilities and equity $295,68e $265,7ee 8,2004,600 1,4002,D0 23,see 26,888 28,90069,0ee 52,495,880 28,200880 Income Statement For Yearl Ended December 31.2017 Sales Cost of goods sold Gross profit Operating expenses 454.900 292,80 162,100 Depreciation expense $35,eee Other expenses83,00 118,088 Income before taxes Income taxes expense Net income 44,100 16,000 $28,100 QS 12-13 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 ball Income taxes expense Net income 16,800 $ 28,106e QS 12-13 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 KPrev11 of 12Next>