At December 31 Assets Cash . CRUZ, INCORPORATED Comparative Balance Sheets 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 2021 Sales Cost of goods sold. Gross profit $ 91,100 39,100 81,800 5,200 217, 200 105,000 (16,200) $ 306,000 $ 14,400 8,600 1,400 24,400 28,900 53,300 216,400 36,300 $ 306,000 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 $ 22,900 48,600 91,300 4,100 166,900 116, 200 (8,700) $ 274,400 $ 20,200 4,500 2,500 27,200 66,400 93,600 172,100 8,700 $ 274,400 $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deduct should be indicated with a minus sign.)
At December 31 Assets Cash . CRUZ, INCORPORATED Comparative Balance Sheets 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 2021 Sales Cost of goods sold. Gross profit $ 91,100 39,100 81,800 5,200 217, 200 105,000 (16,200) $ 306,000 $ 14,400 8,600 1,400 24,400 28,900 53,300 216,400 36,300 $ 306,000 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 $ 22,900 48,600 91,300 4,100 166,900 116, 200 (8,700) $ 274,400 $ 20,200 4,500 2,500 27,200 66,400 93,600 172,100 8,700 $ 274,400 $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deduct should be indicated with a minus sign.)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.2MBA
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Question
![At December 31
Assets
Cash
CRUZ, INCORPORATED
Comparative Balance Sheets
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
2021
Sales
Cost of goods sold
Gross profit
$ 91,100
39,100
81,800
5,200
217, 200
105,000
(16,200)
$ 306,000
$ 14,400
8,600
1,400
24,400
28,900
53,300
216,400
36,300
$ 306,000
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
$ 22,900
48,600
91,300
4,100
166,900
116, 200
(8,700)
$ 274,400
$ 20,200
4,500
2,500
27,200
66,400
93,600
172,100
8,700
$ 274,400
$ 469,700
302,300
167,400
85,900
36,200
45,300
16,500
$ 28,800
Required:
Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted
should be indicated with a minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85328727-7452-41d6-81ba-8590ef250499%2Fc745b6b6-9c04-4e2f-82ac-8ec16ecbd692%2Fhw1pt2o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At December 31
Assets
Cash
CRUZ, INCORPORATED
Comparative Balance Sheets
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
2021
Sales
Cost of goods sold
Gross profit
$ 91,100
39,100
81,800
5,200
217, 200
105,000
(16,200)
$ 306,000
$ 14,400
8,600
1,400
24,400
28,900
53,300
216,400
36,300
$ 306,000
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
$ 22,900
48,600
91,300
4,100
166,900
116, 200
(8,700)
$ 274,400
$ 20,200
4,500
2,500
27,200
66,400
93,600
172,100
8,700
$ 274,400
$ 469,700
302,300
167,400
85,900
36,200
45,300
16,500
$ 28,800
Required:
Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted
should be indicated with a minus sign.)
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