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CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 2$ 35,900 expense Other expenses Income before taxes Income taxes expense 85,200 121,100 45,200 16,500 $ 28,700 Net income Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Receipts from sales to customers 2$ 334,700 Payments for inventory (209,500) Payments for other expenses (57,900) Payments for taxes (12,400) 2$ 54,900 Net cash provided by operating activities

CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 2$ 35,900 expense Other expenses Income before taxes Income taxes expense 85,200 121,100 45,200 16,500 $ 28,700 Net income Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Receipts from sales to customers 2$ 334,700 Payments for inventory (209,500) Payments for other expenses (57,900) Payments for taxes (12,400) 2$ 54,900 Net cash provided by operating activities

FINANCIAL ACCOUNTING
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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CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 35,900 expense Other expenses 85,200 121,100 45,200 16,500 $ 28,700 Income before taxes Income taxes expense Net income Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Receipts from sales to customers $ 334,700 Payments for inventory (209,500) Payments for other expenses (57,900) Payments for taxes (12,400) Net cash provided by operating activities 2$ 54,900
Transcribed Image Text:CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 35,900 expense Other expenses 85,200 121,100 45,200 16,500 $ 28,700 Income before taxes Income taxes expense Net income Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Receipts from sales to customers $ 334,700 Payments for inventory (209,500) Payments for other expenses (57,900) Payments for taxes (12,400) Net cash provided by operating activities 2$ 54,900
ASsets Cash Accounts receivable, net Inventory Prepaid expenses $ 90,700 $ 22,700 38,900 81,300 5,100 48,100 90,300 4,100 Total current assets 216,000 165,200 Furniture Accum. depreciation-Furniture 102,900 116,200 (15,900) (8,800) Total assets $303,000 $272,600 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 14,300 8,500 1,400 $ 20,000 4,600 2,500 27,100 66,300 93,400 Total current liabilities 24,200 28,800 53,000 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 215,100 171,900 34,900 7,300 Total liabilities and equity $303,000 $272,600 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 35,900 expense Other expenses 85,200 121,100 Income before taxes 45,200 Income taxes expense 16,500 $ 28,700 Net income %24
Transcribed Image Text:ASsets Cash Accounts receivable, net Inventory Prepaid expenses $ 90,700 $ 22,700 38,900 81,300 5,100 48,100 90,300 4,100 Total current assets 216,000 165,200 Furniture Accum. depreciation-Furniture 102,900 116,200 (15,900) (8,800) Total assets $303,000 $272,600 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 14,300 8,500 1,400 $ 20,000 4,600 2,500 27,100 66,300 93,400 Total current liabilities 24,200 28,800 53,000 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 215,100 171,900 34,900 7,300 Total liabilities and equity $303,000 $272,600 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation $466,600 300,300 166,300 35,900 expense Other expenses 85,200 121,100 Income before taxes 45,200 Income taxes expense 16,500 $ 28,700 Net income %24
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