A comparative balance sheet and income statement is shown for Cruz, Incorporated. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales lotal liabilities and equity Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2021 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $ 325,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 15,400 9,200 1,500 > 225, 500 26,100 30,900 57,000 232,600 36,300 $325,900 $ 501,300 322,600 178,700 > 272,300 91,600 38,600 2020 48,500 17,700 $ 30,800 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $ 292,900 < 501 300 $ 21,500 4,900 2,700 29,100 71,600 100,700 185,600 6,600 $ 292,900 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Ass were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign.
A comparative balance sheet and income statement is shown for Cruz, Incorporated. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales lotal liabilities and equity Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2021 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $ 325,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 15,400 9,200 1,500 > 225, 500 26,100 30,900 57,000 232,600 36,300 $325,900 $ 501,300 322,600 178,700 > 272,300 91,600 38,600 2020 48,500 17,700 $ 30,800 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $ 292,900 < 501 300 $ 21,500 4,900 2,700 29,100 71,600 100,700 185,600 6,600 $ 292,900 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Ass were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA1: International Financial Reporting Standards
Section: Chapter Questions
Problem 7MCQ
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
A comparative balance sheet and income statement is shown for Cruz, Incorporated.
At December 31
Assets
Cash
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
Furniture
Accumulated depreciation-Furniture
Total assets
CRUZ, INCORPORATED
Comparative Balance Sheets
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.
Sales
total liabilities and equity
Sales
Cost of goods sold
Gross profit
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Operating expenses (excluding depreciation).
Depreciation expense
Income before taxes i
Income taxes expense
Net income
2021
Cash flows from operating activities
$ 97,400
41,800
87,400
5,500
CRUZ, INCORPORATED
Income Statement.
For Year Ended December 31, 2021
232,100
111,000
(17,200)
0
$325,900
$ 15,400
9,200
1,500
LITER
> 225,900
26,100
30,900
57,000
232,600
36,300
$325,900
$ 501,300
322,600
178,700
91,600
38,600
2020
296,300
48,500
17,700
$ 30,800
$ 24,400
51,700
97,100
4,400
177,600
124,700
(9,400)
$ 292,900
< 501 3AA
$ 21,500
4,900
2,700
29,100
71,600
100,700
185,600
6,600
$ 292,900
Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assur
were made on credit basis.
Note: Amounts to be deducted should be indicated with a minus sign.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb4be30ba-eff6-49eb-999f-9b2be913dee3%2F3483681c-57e0-42be-8993-1fc0ac141eb5%2Fphmwlje_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
A comparative balance sheet and income statement is shown for Cruz, Incorporated.
At December 31
Assets
Cash
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
Furniture
Accumulated depreciation-Furniture
Total assets
CRUZ, INCORPORATED
Comparative Balance Sheets
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.
Sales
total liabilities and equity
Sales
Cost of goods sold
Gross profit
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Operating expenses (excluding depreciation).
Depreciation expense
Income before taxes i
Income taxes expense
Net income
2021
Cash flows from operating activities
$ 97,400
41,800
87,400
5,500
CRUZ, INCORPORATED
Income Statement.
For Year Ended December 31, 2021
232,100
111,000
(17,200)
0
$325,900
$ 15,400
9,200
1,500
LITER
> 225,900
26,100
30,900
57,000
232,600
36,300
$325,900
$ 501,300
322,600
178,700
91,600
38,600
2020
296,300
48,500
17,700
$ 30,800
$ 24,400
51,700
97,100
4,400
177,600
124,700
(9,400)
$ 292,900
< 501 3AA
$ 21,500
4,900
2,700
29,100
71,600
100,700
185,600
6,600
$ 292,900
Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assur
were made on credit basis.
Note: Amounts to be deducted should be indicated with a minus sign.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,