Required Information Use the following Information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable 2021 2020 $91,100 $ 22,900 39,100 48,600 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $ 306,000 $274,400 $ 14,400 8,600 $ 20,200 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 QS 12-26B (Algo) Direct: Computing cash received from customers LO P5 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Accounts Receivable Ending Balance Raque Required 2>