Required Information Use the following Information for the Quick Study below. (Algo) [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 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 2021 2020 $91,100 $ 22,900 39,100 48,600 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $ 306,000 $274,400 $ 14,400 8,600 $ 20,200 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 QS 12-26B (Algo) Direct: Computing cash received from customers LO P5 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Accounts Receivable Ending Balance Raque Required 2>
Required Information Use the following Information for the Quick Study below. (Algo) [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 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 2021 2020 $91,100 $ 22,900 39,100 48,600 81,800 91,300 5,200 4,100 217,200 166,900 105,000 116,200 (16,200) (8,700) $ 306,000 $274,400 $ 14,400 8,600 $ 20,200 4,500 Income taxes payable 1,400 2,500 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 24,400 27,200 28,900 66,400 53,300 93,600 216,400 172,100 36,300 8,700 Total liabilities and equity $ 306,000 $274,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 469,700 302,300 167,400 85,900 36,200 45,300 16,500 $ 28,800 QS 12-26B (Algo) Direct: Computing cash received from customers LO P5 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Beginning balance Accounts Receivable Ending Balance Raque Required 2>
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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![Required Information
Use the following Information for the Quick Study below. (Algo)
[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
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
2021
2020
$91,100
$ 22,900
39,100
48,600
81,800
91,300
5,200
4,100
217,200
166,900
105,000
116,200
(16,200)
(8,700)
$ 306,000
$274,400
$ 14,400
8,600
$ 20,200
4,500
Income taxes payable
1,400
2,500
Total current liabilities
Notes payable (long-term)
Total liabilities
Equity
Common stock, $5 par value
Retained earnings
24,400
27,200
28,900
66,400
53,300
93,600
216,400
172,100
36,300
8,700
Total liabilities and equity
$ 306,000
$274,400
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales
Cost of goods sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
$ 469,700
302,300
167,400
85,900
36,200
45,300
16,500
$ 28,800
QS 12-26B (Algo) Direct: Computing cash received from customers LO P5
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?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis.
Beginning balance
Accounts Receivable
Ending Balance
Raque
Required 2>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6943da5c-c6f3-47f4-8cd9-39f28706a90e%2F6b1725a0-3c66-4cd2-9154-8c8dce6ea4ea%2Foktm42_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Use the following Information for the Quick Study below. (Algo)
[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
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
2021
2020
$91,100
$ 22,900
39,100
48,600
81,800
91,300
5,200
4,100
217,200
166,900
105,000
116,200
(16,200)
(8,700)
$ 306,000
$274,400
$ 14,400
8,600
$ 20,200
4,500
Income taxes payable
1,400
2,500
Total current liabilities
Notes payable (long-term)
Total liabilities
Equity
Common stock, $5 par value
Retained earnings
24,400
27,200
28,900
66,400
53,300
93,600
216,400
172,100
36,300
8,700
Total liabilities and equity
$ 306,000
$274,400
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales
Cost of goods sold
Gross profit
Operating expenses (excluding depreciation)
Depreciation expense
Income before taxes
Income taxes expense
Net income
$ 469,700
302,300
167,400
85,900
36,200
45,300
16,500
$ 28,800
QS 12-26B (Algo) Direct: Computing cash received from customers LO P5
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?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis.
Beginning balance
Accounts Receivable
Ending Balance
Raque
Required 2>
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