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 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 Sales Cost of goods sold Gross profit 2821 $ 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $ 295,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 13,900 8,200 1,400 23,500 28,900 52,400 215,000 28,200 $ 295,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2821 2828 $ 22,188 46,988 88,000 4,000 161,000 113,300 (8,680) $ 265,700 $ 19,600 4,688 2,688 26,888 69,000 95,880 169,100 888 $ 265,700 $ 454,900 292,888 162,180 83,000 35,000 44,100 16,000 $ 28,100 16-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expe wages payable.
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 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 Sales Cost of goods sold Gross profit 2821 $ 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $ 295,600 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 13,900 8,200 1,400 23,500 28,900 52,400 215,000 28,200 $ 295,600 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2821 2828 $ 22,188 46,988 88,000 4,000 161,000 113,300 (8,680) $ 265,700 $ 19,600 4,688 2,688 26,888 69,000 95,880 169,100 888 $ 265,700 $ 454,900 292,888 162,180 83,000 35,000 44,100 16,000 $ 28,100 16-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expe wages payable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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![Required Information
Use the following information for the Quick Study below. (Algo)
[The following information applies to the questions displayed below.]
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 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
Sales
Cost of goods sold
Gross profit
2821
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
$ 89,000
38,200
80,000
4,900
212,100
98,800
(15,300)
$ 295,600
1. Cash paid for inventory
2. Cash paid for operating expenses
$ 13,900
8,200
1,400
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2821
23,500
28,900
52,400
215,000
28,200
$ 295,600
2828
$ 22,100
46,988
88,000
4,000
161,000
113,300
(8,680)
$ 265,700
$19,600
4,680
2,680
26,880
69,000
95,800
169, 180
888
$ 265,700
$ 454,900
292,800
162,180
83,000
35,000
44,188
16,000
$ 28,100
QS 16-27B (Algo) Direct: Computing operating cash outflows LO P5
1. How much cash is paid to acquire inventory during year 2021?
2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and
wages payable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7d0860ec-d736-4b81-80ae-3bb12d338823%2Fbddc76ea-16a6-4e69-bb6f-ecd3f2cc4361%2Fyvjsam_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
Use the following information for the Quick Study below. (Algo)
[The following information applies to the questions displayed below.]
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 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
Sales
Cost of goods sold
Gross profit
2821
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
$ 89,000
38,200
80,000
4,900
212,100
98,800
(15,300)
$ 295,600
1. Cash paid for inventory
2. Cash paid for operating expenses
$ 13,900
8,200
1,400
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2821
23,500
28,900
52,400
215,000
28,200
$ 295,600
2828
$ 22,100
46,988
88,000
4,000
161,000
113,300
(8,680)
$ 265,700
$19,600
4,680
2,680
26,880
69,000
95,800
169, 180
888
$ 265,700
$ 454,900
292,800
162,180
83,000
35,000
44,188
16,000
$ 28,100
QS 16-27B (Algo) Direct: Computing operating cash outflows LO P5
1. How much cash is paid to acquire inventory during year 2021?
2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and
wages payable.
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