For Year Ended December 31,2019$372,800239,900132,900SalesCost of goods soldGross profitOperating expensesDepreciation expenseother expensesIncome before taxes$28,70068,10096,80036,10013,200Income taxes expenseNet income$ 22,9001. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in2019?Complete this question by entering your answers in the tabs below.Required 1Required 2Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019?Retained EarningsBeg. bal.< Prev3 of 5Next > Comparative Balance SheetsDecember 31, 201920192018Assets$ 71,60030,90064,7004,000$ 18,00038, 20071,7003, з131, 20093,500(7,000)$217,700CashAccounts receivable, netInventoryPrepaid expensesTotal current assets171,200Furniture80,600(12,500)$239,300Accum. depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equity$ 11,3006,8001,10019,20022,80042,000$ 16,0003,8002,10021,90055,80077,700174,10023,200$239,300138,7001,300$217,700CRUZ, INC.Income StatementFor Year Ended December 31, 2019SalesCost of goods soldGross profit$372,800239,900132,900Onorating ovnoncos< Prev3 of 5Next >*.....

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For Year Endea vecember 31, 2019 $372,800 239,900 132,900 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses Income before taxes $28,700 68,100 96,800 36, 100 13,200 $ 22,900 Income taxes expense Net income 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?

For Year Endea vecember 31, 2019 $372,800 239,900 132,900 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense other expenses Income before taxes $28,700 68,100 96,800 36, 100 13,200 $ 22,900 Income taxes expense Net income 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2019? 2. Assume that no additional notes payable are issued in 2019. What cash amount is paid to reduce the notes payable balance in 2019?

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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