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1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory $ 66,100 2. Cash paid for other expenses 2$ 88,700: .......

1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory $ 66,100 2. Cash paid for other expenses 2$ 88,700: .......

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 66,100 $ 16,600 28,500 59,700 3,700 35,200 66,100 3,000 Total current assets 158,000 120,900 Furniture 74,600 85,000 Accum. depreciation-Furniture (11,600) (6,400) Total assets $221,000 $199,500 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 10,400 6,300 1,000 17,700 20,700 $ 14,700 3,500 1,900 20,100 50,500 70,600 Total current liabilities Notes payable (long-term) Total liabilities 38,400 Equity Common stock, $5 par value Retained earnings 159,500 125,000 23,100 3,900 Total liabilities and equity $221,000 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses $341,600 219,800 121,800
Transcribed Image Text:CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 66,100 $ 16,600 28,500 59,700 3,700 35,200 66,100 3,000 Total current assets 158,000 120,900 Furniture 74,600 85,000 Accum. depreciation-Furniture (11,600) (6,400) Total assets $221,000 $199,500 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 10,400 6,300 1,000 17,700 20,700 $ 14,700 3,500 1,900 20,100 50,500 70,600 Total current liabilities Notes payable (long-term) Total liabilities 38,400 Equity Common stock, $5 par value Retained earnings 159,500 125,000 23,100 3,900 Total liabilities and equity $221,000 $199,500 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses $341,600 219,800 121,800
CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $341,600 219,800 121,800 26,300 expense Other expenses 88,700 33,100 12,100 $ 21,000 62,400 Income before taxes Income taxes expense Net income 1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory 24 66,100 2. Cash paid for other expenses 88,700: %24 %24
Transcribed Image Text:CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $341,600 219,800 121,800 26,300 expense Other expenses 88,700 33,100 12,100 $ 21,000 62,400 Income before taxes Income taxes expense Net income 1. How much cash is paid to acquire inventory during year 2019? 2. How much cash is paid for "other expenses" during year 2019? Hint: Examine prepaid expenses and wages payable. 1. Cash paid for inventory 24 66,100 2. Cash paid for other expenses 88,700: %24 %24
Expert Solution
Step 1

Purchases = Cost of goods sold + Ending inventory - Beginning inventory

Purchases + Beginning accounts payable - Ending accounts payable = Cash paid for inventory

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