Don't give answer in image A comparative balance sheet and income statement is shown for Cruz, IncorporatedCRUZ, INCORPORATEDComparative Balance SheetsAt Decender 31AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulatedTotal assetsLiabilities and EquityAccounts payabledepreciation-FurnitureHages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitCRUZ INCORPORATEDIncome StatementFor Year Ended December 31, 2020Operating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet Income20201. Cash paid for inventory2 Cash paid for operating expenses$ 66,10025,50059,7803,708158,00074,600(11,600)$ 221,000$ 10,4006,3001,00017,70020,70038,400159,50023,100$ 221,0002019$ 16,60035,20066,1003,000120,90085,000(6,400)$ 199,500$ 14,7003,5001,90020,10050,50078,600125,0003,909$ 199,500$ 341,600219,800121,000€2,40026,30033,10012,100$ 21,000QS 12-27B (Algo) Direct: Computing operating cash outflows LO P51. How much cash is paid to acquire inventory during year 202072. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses andwages payable.

A statement which shows inflow and outflow of cash under three different activities, called as cash…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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