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.)

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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