A comparative balance sheet and income statement is shown for
Cruz, Inc.
CRUZ, INC. Comparative Balance Sheets December 31, 2017 |
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2017 | 2016 | ||||||
Assets | |||||||
Cash | $ | 85,600 | $ | 21,300 | |||
Accounts receivable, net | 36,800 | 45,200 | |||||
Inventory | 77,100 | 84,900 | |||||
Prepaid expenses | 4,700 | 3,900 | |||||
Total current assets | 204,200 | 155,300 | |||||
Furniture | 94,700 | 110,500 | |||||
Accum. depreciation—Furniture | (14,700 | ) | (8,400 | ) | |||
Total assets | $ | 284,200 | $ | 257,400 | |||
Liabilities and Equity | |||||||
Accounts payable | $ | 13,400 | $ | 19,000 | |||
Wages payable | 8,000 | 4,500 | |||||
Income taxes payable | 1,400 | 2,500 | |||||
Total current liabilities | 22,800 | 26,000 | |||||
Notes payable (long-term) | 28,900 | 66,400 | |||||
Total liabilities | 51,700 | 92,400 | |||||
Equity | |||||||
Common stock, $5 par value | 204,000 | 162,300 | |||||
Retained earnings | 28,500 | 2,700 | |||||
Total liabilities and equity | $ | 284,200 | $ | 257,400 | |||
CRUZ, INC. Income Statement For Year Ended December 31, 2017 |
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Sales | $ | 440,700 | ||||
Cost of goods sold | 283,700 | |||||
Gross profit | 157,000 | |||||
Operating expenses | ||||||
Depreciation expense | $ | 33,900 | ||||
Other expenses | 80,400 | 114,300 | ||||
Income before taxes | 42,700 | |||||
Income taxes expense | 15,500 | |||||
Net income | $ | 27,200 | ||||
Use the above balance sheet and income statement to prepare the
cash provided (used) from operating activities section by direct
method. (Amounts to be deducted should be indicated with a
minus sign.) Cash flows from operating activities: |
1) Cash Paid to Acquire Inventory(Purchased made during the year)
Opening Inventory + Purchase = Sales + Closing Inventory
84,900 + Purchase = 283,700 + 77,100
Purchase = 360,800 - 84,900
= 275,900 $
Cash Flow from Revenue (Net Receipts) | 449,100 |
Less: Cash Payments for Expenses | 273,700 |
Income Before Income Taxes | 175,400 |
Less : Cash Payment for Income Taxes | 15,500 |
Net Cash Provided by Operating Activities | 159,900 |
Net Receipts = Sales + Accounts Receivable (Beginning) - Accounts Receivable (Ending)
Net Receipts = 440,700 + 45,200 - 36,800 = 449,100
Net Payments = Purchase + Inventory (ending) + Accounts Payable (Beginning) - Inventory (Beginning) - Accounts Payable (Ending)
Net Payments = 275,900 + 77,100 + 19,000 - 84,900 - 13,400 = 273,700
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance...
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A comparative balance sheet and income statement is shown for Cruz, Inc. 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017 ?2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017 ?
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