A comparative balance sheet and income statement is shown for
Cruz, Inc. Assume all purchases of inventory are on credit.
2. How much cash is paid for "other expenses"
during year 2016? (Hint: Examine prepaid expenses and wages
payable.)
CRUZ, INC. Comparative Balance Sheets December 31, 2016 |
|||||||
2016 | 2015 | ||||||
Assets | |||||||
Cash | $ | 89,000 | $ | 22,100 | |||
Accounts receivable, net | 38,200 | 46,900 | |||||
Inventory | 80,000 | 88,000 | |||||
Prepaid expenses | 4,900 | 4,000 | |||||
Total current assets | 212,100 | 161,000 | |||||
Furniture | 98,800 | 113,300 | |||||
Accum. depreciation—Furniture | (15,300 | ) | (8,600 | ) | |||
Total assets | $ | 295,600 | $ | 265,700 | |||
Liabilities and Equity | |||||||
Accounts payable | $ | 13,900 | $ | 19,600 | |||
Wages payable | 8,200 | 4,600 | |||||
Income taxes payable | 1,400 | 2,600 | |||||
Total current liabilities | 23,500 | 26,800 | |||||
Notes payable (long-term) | 28,900 | 69,000 | |||||
Total liabilities | 52,400 | 95,800 | |||||
Equity | |||||||
Common stock, $5 par value | 215,000 | 169,100 | |||||
Retained earnings | 28,200 | 800 | |||||
Total liabilities and equity | $ | 295,600 | $ | 265,700 |
CRUZ, INC. Income Statement For Year Ended December 31, 2016 |
||||||
Sales | $ | 454,900 | ||||
Cost of goods sold | 292,800 | |||||
Gross profit | 162,100 | |||||
Operating expenses | ||||||
Depreciation expense | $ | 35,000 | ||||
Other expenses | 83,000 | 118,000 | ||||
Income before taxes | 44,100 | |||||
Income taxes expense | 16,000 | |||||
Net income | $ | 28,100 |
ANSWER
Computations of Cash paid for other expenses
Other Expenses | $83,000 |
Add:Increase in prepaid expenses($4,900-$4,000) | $900 |
Less:Increase in wages payable($4,600-$8,200) | ($3,600) |
Cash paid for other expenses | $80,300 |
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