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A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities depreciation-Furniture 2020 $ 66,100 28,500 39,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100

A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities depreciation-Furniture 2020 $ 66,100 28,500 39,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100

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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A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At Decender 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable depreciation-Furniture Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit CRUZ INCORPORATED Income Statement For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income 2020 1. Cash paid for inventory 2 Cash paid for operating expenses $ 66,100 25,500 59,780 3,708 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 78,600 125,000 3,909 $ 199,500 $ 341,600 219,800 121,000 €2,400 26,300 33,100 12,100 $ 21,000 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 20207 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable.
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated CRUZ, INCORPORATED Comparative Balance Sheets At Decender 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated Total assets Liabilities and Equity Accounts payable depreciation-Furniture Hages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit CRUZ INCORPORATED Income Statement For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income 2020 1. Cash paid for inventory 2 Cash paid for operating expenses $ 66,100 25,500 59,780 3,708 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 78,600 125,000 3,909 $ 199,500 $ 341,600 219,800 121,000 €2,400 26,300 33,100 12,100 $ 21,000 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 20207 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable.
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