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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 $ 85,600 36,800 77,100 4,700 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages 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 204,200 94,700 (14,700) $ 284,200 Sales Cost of goods sold Gross profit $ 13,400 8,000 1,400 22,800 28,900 51,700 204,000 28,500 $ 284,200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 15,000 4,500 2,500 26,000 66,400 92,400 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200

A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 $ 85,600 36,800 77,100 4,700 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages 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 204,200 94,700 (14,700) $ 284,200 Sales Cost of goods sold Gross profit $ 13,400 8,000 1,400 22,800 28,900 51,700 204,000 28,500 $ 284,200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 15,000 4,500 2,500 26,000 66,400 92,400 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200

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 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages 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 $ 85,600 36,800 77,100 4,700 204,200 94,700 (14,700) $ 284,200 Sales Cost of goods sold Gross profit $ 13,400 8,000 1,400 22,800 28,900 51,700 204,000 28,500 $ 284,200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes, Income taxes expense Net income 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 19,000 4,500 2,500 26,000 66,400 92,400 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages 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 $ 85,600 36,800 77,100 4,700 204,200 94,700 (14,700) $ 284,200 Sales Cost of goods sold Gross profit $ 13,400 8,000 1,400 22,800 28,900 51,700 204,000 28,500 $ 284,200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes, Income taxes expense Net income 2020 $ 21,300 45,200 84,900 3,900 155,300 110,500 (8,400) $ 257,400 $ 19,000 4,500 2,500 26,000 66,400 92,400 162,300 2,700 $ 257,400 $ 440,700 283,700 157,000 80,400 33,900 42,700 15,500 $ 27,200
eBook D Hint Print References 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Sales on account Ending Balance Accounts Receivable 45,200 440,700 Required 1 Required 2 485,900 Complete this question by entering your answers in the tabs below. Cash collections from customers What is the net increase or decrease in the Cash account for year 2021? Net increase in cash < Required 1 Required 2
Transcribed Image Text:eBook D Hint Print References 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Sales on account Ending Balance Accounts Receivable 45,200 440,700 Required 1 Required 2 485,900 Complete this question by entering your answers in the tabs below. Cash collections from customers What is the net increase or decrease in the Cash account for year 2021? Net increase in cash < Required 1 Required 2
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