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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash Accounts receivable, net4437 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 110,500 (15,300) (8,300) $ 288,500 $ 259,500 $ 13,600 $ 19,100 8,100. 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 31,100 16 165,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORFORATED Income Statement For Year Ended December 31, 2021 $ 444,200 285,900 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 158,300 81,200 34,200 42,900 15,600 $ 27,300 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)

A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash Accounts receivable, net4437 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 110,500 (15,300) (8,300) $ 288,500 $ 259,500 $ 13,600 $ 19,100 8,100. 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 31,100 16 165,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORFORATED Income Statement For Year Ended December 31, 2021 $ 444,200 285,900 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 158,300 81,200 34,200 42,900 15,600 $ 27,300 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 20P
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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash Accounts receivable, net4437 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 110,500 (15,300) (8,300) $ 288,500 $ 259,500 $ 13,600 $ 19,100 8,100. 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 31,100 16 165,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORFORATED Income Statement For Year Ended December 31, 2021 $ 444,200 285,900 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 158,300 81,200 34,200 42,900 15,600 $ 27,300 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets 2021 2020 Cash Accounts receivable, net4437 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable $ 85,900 $ 21,600 36,900 45,800 77,200 86,000 4,900 3,900 204,900 157,300 98,900 110,500 (15,300) (8,300) $ 288,500 $ 259,500 $ 13,600 $ 19,100 8,100. 4,300 Income taxes payable 1,300 2,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings 23,000 25,800 26,800 63,700 49,800 89,500 31,100 16 165,100 4,900 Total liabilities and equity $ 288,500 $ 259,500 CRUZ, INCORFORATED Income Statement For Year Ended December 31, 2021 $ 444,200 285,900 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 158,300 81,200 34,200 42,900 15,600 $ 27,300 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)
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