For Year Endea vecember 31, 2019 $372,800 239,900 132,900 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses Income before taxes $28,700 68,100 96,800 36, 100 13,200 $ 22,900 Income taxes expense Net income 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?
For Year Endea vecember 31, 2019 $372,800 239,900 132,900 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses Income before taxes $28,700 68,100 96,800 36, 100 13,200 $ 22,900 Income taxes expense Net income 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![For Year Ended December 31,
2019
$372,800
239,900
132,900
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
other expenses
Income before taxes
$28,700
68,100
96,800
36,100
13,200
Income taxes expense
Net income
$ 22,900
1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?
2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in
2019?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?
Retained Earnings
Beg. bal.
< Prev
3 of 5
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2780503-9102-404e-af57-6414f16ba994%2F72f6b478-0b47-47bd-af61-24c217a7b33b%2Fhczuyuc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For Year Ended December 31,
2019
$372,800
239,900
132,900
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
other expenses
Income before taxes
$28,700
68,100
96,800
36,100
13,200
Income taxes expense
Net income
$ 22,900
1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?
2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in
2019?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?
Retained Earnings
Beg. bal.
< Prev
3 of 5
Next >
![Comparative Balance Sheets
December 31, 2019
2019
2018
Assets
$ 71,600
30,900
64,700
4,000
$ 18,000
38, 200
71,700
3, з
131, 200
93,500
(7,000)
$217,700
Cash
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
171,200
Furniture
80,600
(12,500)
$239,300
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
Total liabilities and equity
$ 11,300
6,800
1,100
19,200
22,800
42,000
$ 16,000
3,800
2,100
21,900
55,800
77,700
174,100
23,200
$239,300
138,700
1,300
$217,700
CRUZ, INC.
Income Statement
For Year Ended December 31, 2019
Sales
Cost of goods sold
Gross profit
$372,800
239,900
132,900
Onorating ovnoncos
< Prev
3 of 5
Next >
*.....](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2780503-9102-404e-af57-6414f16ba994%2F72f6b478-0b47-47bd-af61-24c217a7b33b%2Flrgun8d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Comparative Balance Sheets
December 31, 2019
2019
2018
Assets
$ 71,600
30,900
64,700
4,000
$ 18,000
38, 200
71,700
3, з
131, 200
93,500
(7,000)
$217,700
Cash
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
171,200
Furniture
80,600
(12,500)
$239,300
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
Total liabilities and equity
$ 11,300
6,800
1,100
19,200
22,800
42,000
$ 16,000
3,800
2,100
21,900
55,800
77,700
174,100
23,200
$239,300
138,700
1,300
$217,700
CRUZ, INC.
Income Statement
For Year Ended December 31, 2019
Sales
Cost of goods sold
Gross profit
$372,800
239,900
132,900
Onorating ovnoncos
< Prev
3 of 5
Next >
*.....
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education