1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.
1. How much cash is paid to acquire inventory during year 2021? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 3PB: The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: The...
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A comparative balance sheet and income statement is shown for Cruz, Incorporated.
CRUZ, INCORPORATED | ||
Comparative Balance Sheets | ||
At December 31 | 2021 | 2020 |
---|---|---|
Assets | ||
Cash | $ 89,000 | $ 22,100 |
Accounts receivable, net | 38,200 | 46,900 |
Inventory | 80,000 | 88,000 |
Prepaid expenses | 4,900 | 4,000 |
Total current assets | 212,100 | 161,000 |
Furniture | 98,800 | 113,300 |
Accumulated |
(15,300) | (8,600) |
Total assets | $ 295,600 | $ 265,700 |
Liabilities and Equity | ||
Accounts payable | $ 13,900 | $ 19,600 |
Wages payable | 8,200 | 4,600 |
Income taxes payable | 1,400 | 2,600 |
Total current liabilities | 23,500 | 26,800 |
Notes payable (long-term) | 28,900 | 69,000 |
Total liabilities | 52,400 | 95,800 |
Equity | ||
Common stock, $5 par value | 215,000 | 169,100 |
28,200 | 800 | |
Total liabilities and equity | $ 295,600 | $ 265,700 |
CRUZ, INCORPORATED | |
Income Statement | |
For Year Ended December 31, 2021 | |
Sales | $ 454,900 |
---|---|
Cost of goods sold | 292,800 |
Gross profit | 162,100 |
Operating expenses (excluding depreciation) | 83,000 |
Depreciation expense | 35,000 |
Income before taxes | 44,100 |
Income taxes expense | 16,000 |
Net income | $ 28,100 |
1. How much cash is paid to acquire inventory during year 2021?
2. How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and wages payable.
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Can you add the information to the table below.
Beginning balance | |||
Ending Balance | 0 |
What is the net increase or decrease in the Cash account for year 2021?
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