[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 2021 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 Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 38,200 80,000 4,900 Sales Cost of goods sold Gross profit 212,100 98,800 (15,300) $ 295,600 $ 13,900 8,200 1,400 23,500 28,900 52,400 215,000 28,208 $295,600 CRUZ, IN CORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 22,100 46,988 88,000 4,000 161,000 113,386 (8,600) $ 265,700 $19,600 4,600 2,600 26,880 69,000 95,800 169, 100 $ 205,700 $ 454,900 292,886 162,180 83,000 35,000 44,100 16,000 $ 28,180 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?
[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 2021 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 Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 89,000 38,200 80,000 4,900 Sales Cost of goods sold Gross profit 212,100 98,800 (15,300) $ 295,600 $ 13,900 8,200 1,400 23,500 28,900 52,400 215,000 28,208 $295,600 CRUZ, IN CORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 22,100 46,988 88,000 4,000 161,000 113,386 (8,600) $ 265,700 $19,600 4,600 2,600 26,880 69,000 95,800 169, 100 $ 205,700 $ 454,900 292,886 162,180 83,000 35,000 44,100 16,000 $ 28,180 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?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...
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![[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
2021
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
Income taxes payable
Total current liabilities
Notes payable (long-term)
Total liabilities
Equity
Common stock, $5 par value
Retained earnings
Total liabilities and equity
$ 89,000
38,200
80,000
4,900
Sales
Cost of goods sold
Gross profit
212,100
98,800
(15,300)
$ 295,600
$ 13,900
8,200
1,400
23,500
28,900
52,400
215,000
28,208
$295,600
CRUZ, IN CORPORATED
Income Statement
For Year Ended December 31, 2021
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
2020
$ 22,100
46,988
88,000
4,000
161,000
113,386
(8,600)
$ 265,700
$19,600
4,600
2,600
26,880
69,000
95,800
169, 100
$ 205,700
$ 454,900
292,886
162,180
83,000
35,000
44,100
16,000
$ 28,180
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae52a321-e4f7-42c1-9b95-b76b3188cce0%2F2b92e309-14dc-46da-804e-d588c1511f21%2Fs7rybdb_processed.png&w=3840&q=75)
Transcribed Image Text:[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
2021
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
Income taxes payable
Total current liabilities
Notes payable (long-term)
Total liabilities
Equity
Common stock, $5 par value
Retained earnings
Total liabilities and equity
$ 89,000
38,200
80,000
4,900
Sales
Cost of goods sold
Gross profit
212,100
98,800
(15,300)
$ 295,600
$ 13,900
8,200
1,400
23,500
28,900
52,400
215,000
28,208
$295,600
CRUZ, IN CORPORATED
Income Statement
For Year Ended December 31, 2021
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
2020
$ 22,100
46,988
88,000
4,000
161,000
113,386
(8,600)
$ 265,700
$19,600
4,600
2,600
26,880
69,000
95,800
169, 100
$ 205,700
$ 454,900
292,886
162,180
83,000
35,000
44,100
16,000
$ 28,180
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?
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