Depreciation expenseother expensesIncome before taxes$35,00083,000118,00044, 10016,000Income taxes expenseNet income$ 28,100Required:Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted shouldbe indicated with a minus sign.)Cash flows from operating activitiesAdjustments to reconcile net income to operating cash flowIncome statement items not affecting cashChanges in current operating assets and liabilities< Prev1 of 5Next > Comparative Balance SheetsDecember 31, 201920192018AssetsCashAccounts receivable, netInventoryPrepaid expenses$ 89,00038,20080,0004,900$ 22,10046,90088,0004,000Total current assets212,100161,000Furniture98,800(15,300)$295,600113,300(8,600)$265,700Accum. depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earnings$ 19,600$ 13,9008, 2001,40023,50028,90052,4004,6002,60026,80069,00095,800215,00028,200169,100800Total liabilities and equity$295,600$265,700CRUZ, INC.Income StatementFor Year Ended December 31, 2019$454,900292,800162,100SalesCost of goods soldGross profitOnoratina ovnoncos< Prev1 of 5Next >

Cash flow statement includes: Cash flows from Operating activities Cash flows from Investing…

Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100

Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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