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 2021 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 Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 62,700 27,000 56,600 3,500 Sales Cost of goods sold Gross profit 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 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 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 $ 326,000 209,800 116, 200 59,500 25,100 31,600 11,500 $ 20,100 5 16-27B (Algo) Direct: Computing operating cash outflows LO P5 How much cash is paid to acquire inventory during year 2021? How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and
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 2021 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 Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 62,700 27,000 56,600 3,500 Sales Cost of goods sold Gross profit 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 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 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 $ 326,000 209,800 116, 200 59,500 25,100 31,600 11,500 $ 20,100 5 16-27B (Algo) Direct: Computing operating cash outflows LO P5 How much cash is paid to acquire inventory during year 2021? How much cash is paid for operating expenses (excluding depreciation) during year 2021? Hint: Examine prepaid expenses and
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 92PSA: A Preparation of Ratios Refer to the financial statements for Burch Industries in Problem 12-89A and...
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