Question

6 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2016 66,100 28,500 59,700 3,700 158,000 74,600 (11,600) $221,000 $ 16,600 35,200 66,100 13,000 120,900 85,000 6,400) $199,500 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. 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 $ 10,400 6,300 1,000 17,700 20,700 38,400 $ 14,700 3,500 1,900 20,100 50,500 70,600 159,500, 23,100 $221,000 125,000 3,900 $199,500 IN 800 CRUZ, INC. Income Statement For Year Ended December 31, Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses 62,400 Income before taxes Income taxes expense Net income $26,300 88,700 33, 100 12,100 $ 21,000 < Prev 10 of 14 Next > MacBook Pro

Answer 1

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Cruz Inc.
Retained Earnings
Beg. Bal		3,900.00
Net Income		21,000.00
Dividends paid	1,800.00
	1,800.00	24,900.00
End. Bal		23,100.00
Dividends paid is $ 1,800.
Dividends paid is calculated by deducting total Credit balance i.e. $ 24,900 from the ending balance i.e. $ 23,100. Ending balance is given in the question.
Notes Payable
Beg. Bal		50,500.00
Notes Payable paid	29,800.00
	29,800.00	50,500.00
End. Bal		20,700.00
Notes Payable paid is $ 29,800.
Notes Payable paid is calculated by deducting ending balance of $ 20,700 from the beginning balance i.e. $ 50,500. Ending balance is given in the question.