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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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