Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100
Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
 alt="Depreciation expense
other expenses
Income before taxes
$35,000
83,000
118,000
44, 100
16,000
Income taxes expense
Net income
$ 28,100
Required:
Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should
be indicated with a minus sign.)
Cash flows from operating activities
Adjustments to reconcile net income to operating cash flow
Income statement items not affecting cash
Changes in current operating assets and liabilities
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Transcribed Image Text:Depreciation expense
other expenses
Income before taxes
$35,000
83,000
118,000
44, 100
16,000
Income taxes expense
Net income
$ 28,100
Required:
Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should
be indicated with a minus sign.)
Cash flows from operating activities
Adjustments to reconcile net income to operating cash flow
Income statement items not affecting cash
Changes in current operating assets and liabilities
< Prev
1 of 5
Next >
 alt="Comparative Balance Sheets
December 31, 2019
2019
2018
Assets
Cash
Accounts receivable, net
Inventory
Prepaid expenses
$ 89,000
38,200
80,000
4,900
$ 22,100
46,900
88,000
4,000
Total current assets
212,100
161,000
Furniture
98,800
(15,300)
$295,600
113,300
(8,600)
$265,700
Accum. 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
$ 19,600
$ 13,900
8, 200
1,400
23,500
28,900
52,400
4,600
2,600
26,800
69,000
95,800
215,000
28,200
169,100
800
Total liabilities and equity
$295,600
$265,700
CRUZ, INC.
Income Statement
For Year Ended December 31, 2019
$454,900
292,800
162,100
Sales
Cost of goods sold
Gross profit
Onoratina ovnoncos
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Transcribed Image Text:Comparative Balance Sheets
December 31, 2019
2019
2018
Assets
Cash
Accounts receivable, net
Inventory
Prepaid expenses
$ 89,000
38,200
80,000
4,900
$ 22,100
46,900
88,000
4,000
Total current assets
212,100
161,000
Furniture
98,800
(15,300)
$295,600
113,300
(8,600)
$265,700
Accum. 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
$ 19,600
$ 13,900
8, 200
1,400
23,500
28,900
52,400
4,600
2,600
26,800
69,000
95,800
215,000
28,200
169,100
800
Total liabilities and equity
$295,600
$265,700
CRUZ, INC.
Income Statement
For Year Ended December 31, 2019
$454,900
292,800
162,100
Sales
Cost of goods sold
Gross profit
Onoratina ovnoncos
< Prev
1 of 5
Next >
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