At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 64,400 27,800 58,200 3,600 Sales Cost of goods sold Gross profit 154,000 72,600 (11,300) $ 215,300 $ 10,100 6,100 1,000 17,200 20,700 37,900 154,500 22,900 $ 215,300 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 $ 16, 200 34,400 64,600 2,900 118,100 82,200 (6,200) $ 194, 100 $ 14,300 3,400 1,800 19,500 47,800 67,300 124,000 2,800 $ 194, 100 $ 332,400 213,900 118,500 60,700 25,600 32,200 11,800 $ 20,400 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021?

At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 64,400 27,800 58,200 3,600 Sales Cost of goods sold Gross profit 154,000 72,600 (11,300) $ 215,300 $ 10,100 6,100 1,000 17,200 20,700 37,900 154,500 22,900 $ 215,300 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 $ 16, 200 34,400 64,600 2,900 118,100 82,200 (6,200) $ 194, 100 $ 14,300 3,400 1,800 19,500 47,800 67,300 124,000 2,800 $ 194, 100 $ 332,400 213,900 118,500 60,700 25,600 32,200 11,800 $ 20,400 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021?

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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