[The following information applies to the questions displayed below.]A comparative balance sheet and income statement is shown for Cruz, Incorporated.At December 31AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulated depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesCRUZ, INCORPORATEDComparative Balance SheetsEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet incomeRequired 1 Required 2Beginning balance2021$ 62,70027,00056,6003,500Ending Balance$ 209,400149,80070,500(10,900)CRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 2021$ 9,9005,9001,000152,20019,700$ 209,40016,80020,70037,500< Required 12020$ 15,70033,30062,5002,900114,40082,200(6,200)$ 190,400$ 14,0003,3001,80019, 10047,80066,900123,000500$ 190,4001. 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?$ 326,000209,800Complete this question by entering your answers in the tabs below.116, 20059,50025,10031,60011,500$ 20,100How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis.Accounts ReceivableRequired 2 >

In this question it is asked to determine the cash received from sales and the net increase and…

[The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. 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 CRUZ, INCORPORATED Comparative Balance Sheets Equity Common stock, $5 par value. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income Beginning balance 2021 $ 62,700 27,000 Ending Balance 149,800 70,500 (10,900) $ 209,400 56,600 3,500 $ 9,900 5,900 1,000 152,200 19,700 $ 209,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500

[The following information applies to the questions displayed below.] A comparative balance sheet and income statement is shown for Cruz, Incorporated. 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 CRUZ, INCORPORATED Comparative Balance Sheets Equity Common stock, $5 par value. Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income Beginning balance 2021 $ 62,700 27,000 Ending Balance 149,800 70,500 (10,900) $ 209,400 56,600 3,500 $ 9,900 5,900 1,000 152,200 19,700 $ 209,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 16,800 20,700 37,500

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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USE THE DATA IN THE TABLE BELOW TO ANSWER THE FOLLOWING 3 QUESTIONS LukaDonc, Incorporated Balance Sheets for the Years Ending December 31, (All amounts are in dollars) Cash Accounts receivable Inventory Total current assets Net fixed assets* Land Total assets Notes payable Accounts payable Accruals Current portion of LT Debt Total current liabilities Long-term debt Common stock Capital surplus Retained earnings Total liabilities and equity Year 1 184,600 3,322,800 1,476,800 4,984,200 11,999,000 1,476,800 18,460,000 923,000 2,215,200 553,800 2,399,800 6,091,800 5,722,600 553,800 2,215,200 3,876,600 18,460,000 Year 2 201,700 3,227,200 2,017,000 5,445,900 13,110,500 1,613,600 20,170,000 806,800 2,017,000 806,800 2,823,800 6,454,400 6,252,700 806,800 2,622,100 4,034,000 20,170,000 Additional Data from Company Income Statement(s); Sales in Year 2 Net income in Year 2 Depreciation expense in Year 1 Depreciation expense in Year 2 *No long-term assets were sold in either Year 1 or Year 2…
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