Please do not give solution in image format thanku Required informationUse 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, INCORPORATEDComparative Balance SheetsAt December 31AssetsCashAccounts receivable, netInventoryPrepaid expensesTotal current assetsFurnitureAccumulated depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equityCalocCRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 2021SalesCost of goods soldGross profitOperating expenses (excluding depreciation)Depreciation expenseIncome before taxesIncome taxes expenseNet Income$ 326,000209,800116,20059,50025,100202131,60011,500$ 20,100$ 62,70027,00056,6003,500149,80070,500(10,900)$ 209,400CRUZ, INCORPORATEDIncome StatementFor Year Ended December 31, 2021$ 9,9005,9001,00016,80020,70037,500152,20019,700$ 209,4002020$ 15,70033,30062,5002,900114,40082,200(6,200)$ 190,400$ 14,0003,3001,80019,10047,80066,900123,000500$ 190,400© 226 aaaQS 12-28B (Algo) Direct: Computing cash from operations LO P5Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the saleswere made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)Cash flows from operating activities

The term cash flow from operating activities (CFO) represents the amount of money that a firm makes…

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, Incorpora At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets 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 Equity Common stock, $5 par value Retained earnings Total liabilities and equity COUT THCORDODATED 2021 $ 62,700 27,000 56,600 3,500 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 16,800 20,700 37,500 152,200 19,700 $ 209,400 2020 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 123,000 500 $ 190,400

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, Incorpora At December 31 Assets Cash CRUZ, INCORPORATED Comparative Balance Sheets 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 Equity Common stock, $5 par value Retained earnings Total liabilities and equity COUT THCORDODATED 2021 $ 62,700 27,000 56,600 3,500 149,800 70,500 (10,900) $ 209,400 $ 9,900 5,900 1,000 16,800 20,700 37,500 152,200 19,700 $ 209,400 2020 $ 15,700 33,300 62,500 2,900 114,400 82,200 (6,200) $ 190,400 $ 14,000 3,300 1,800 19,100 47,800 66,900 123,000 500 $ 190,400

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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