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At December 31 Assets Cash 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 Sales Cost of goods sold Gross profit 2021 $ 94,800 41,000 85,800 5,400 227,000 109,000 (17,000) $ 319,000 Depreciation Changes in current operating assets and liabilities Accounts receivable decrease Inventory decrease Wages payable increase Prepaid expense increase Accounts payable decrease Income taxes payable decrease $ 15,000 9,000 1,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Net cash provided by operating activities www 25,400 29,000 54,400 229,000 35,600 $ 319,000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash 2020 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $ 285,000 $ 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 $285,000 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. $ 488,000 314,000 174,000 89,100 37,600 47,300 17,300 $ 30,000 $ 0 0

At December 31 Assets Cash 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 Sales Cost of goods sold Gross profit 2021 $ 94,800 41,000 85,800 5,400 227,000 109,000 (17,000) $ 319,000 Depreciation Changes in current operating assets and liabilities Accounts receivable decrease Inventory decrease Wages payable increase Prepaid expense increase Accounts payable decrease Income taxes payable decrease $ 15,000 9,000 1,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Net cash provided by operating activities www 25,400 29,000 54,400 229,000 35,600 $ 319,000 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash 2020 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $ 285,000 $ 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 $285,000 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. $ 488,000 314,000 174,000 89,100 37,600 47,300 17,300 $ 30,000 $ 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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At December 31 Assets Cash 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 Sales Cost of goods sold Gross profit Cash flows from operating activities Net income 2021 $ 94,800 41,000 85,800 5,400 227,000 109,000 (17,000) $ 319,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Accounts payable decrease Income taxes payable decrease wwwwwwwwww $ 15,000 9,000 1,400 Net cash provided by operating activities wwwwwwwwwww 25,400 29,000 54,400 229,000 35,600 $ 319,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation Changes in current operating assets and liabilities Accounts receivable decrease Inventory decrease Wages payable increase Prepaid expense increase 2020 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 $ 21,000 5,000 2,600 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. 28,600 69,000 97,600 179,000 8,400 $ 285,000 $ 488,000 314,000 174,000 89,100 37,600 47,300 17,300 $ 30,000 $ 0
Transcribed Image Text:At December 31 Assets Cash 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 Sales Cost of goods sold Gross profit Cash flows from operating activities Net income 2021 $ 94,800 41,000 85,800 5,400 227,000 109,000 (17,000) $ 319,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Accounts payable decrease Income taxes payable decrease wwwwwwwwww $ 15,000 9,000 1,400 Net cash provided by operating activities wwwwwwwwwww 25,400 29,000 54,400 229,000 35,600 $ 319,000 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation Changes in current operating assets and liabilities Accounts receivable decrease Inventory decrease Wages payable increase Prepaid expense increase 2020 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 $ 21,000 5,000 2,600 Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. 28,600 69,000 97,600 179,000 8,400 $ 285,000 $ 488,000 314,000 174,000 89,100 37,600 47,300 17,300 $ 30,000 $ 0
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