Homework Answers
| Retained earnings | |||
| Beg. Bal. | 800 | ||
| 28100 | 2017 net income | ||
| Dividends paid | 700 | ||
| End. Bal. | 28200 | ||
| Notes payable | |||
| Beg. Bal. | 69000 | ||
| Payment on notes payable | 40100 | ||
| End. Bal. | 28900 | ||
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CRUZ, INC Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory...
A comparative balance sheet and income statement is shown for Cruz, Inc. Assume all purchases of...
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...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable, net 42,600 Inventory 89, 100 Prepaid expenses 5,600 Total current assets 236,600 Furniture 113,000 Accum. depreciation-Furniture (17,500) Total assets $332,100 Liabilities and Equity Accounts payable $ 15,700 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,600 Notes payable (long-term) 30,900 Total liabilities 57,500 Equity Common stock, $5 par value 241,200 Retained earnings 33,400 Total liabilities and equity $332,100 $ 24,900 52,800 99,200...
6 - Homework CRUZ, INC. Comparative Balance Sheets December 31, 2017 2016 66,100 28,500 59,700 3,700...
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...
CRUZ, INC. Income Statement For Year Ended December 31, 2016 Sales $ 454,900 Cost of goods...
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 1. How much cash is paid to acquire inventory during year 2016? 2. How much cash is paid for "other expenses" during year 2016? (Hint: Examine prepaid expenses and wages payable.)
CRUZ INL. Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41, 85, see 5,4ee...
CRUZ INL. Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41, 85, see 5,4ee 227,880 199,000 (17, eee) $319, eee $ 24,000 51, eee 95,888 4, 2ee 175, eee 119,000 (9,808) $285, 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...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ,...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
Required information The following information applies to the questions displayed below. A comparative balance sheet and...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 $ 94,800 41.000 85,800 5,400 227,000...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 $ 94,800 41.000 85,800 5,400 227,000 109,000 (17,000) $319,000 $ 24,000 51.000 95,800 4,200 175,000 119,000 (9.000) $285,000 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 $ 15,000 $ 21.000 9,000 5,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 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 $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 99,300 Accounts receivable, net 42,600 Inventory 89, 100 Prepaid expenses 5,600 Total current assets 236,600 Furniture 113,000 Accum. depreciation-Furniture (17,500) Total assets $332,100 Liabilities and Equity Accounts payable $ 15,700 Wages payable 9,400 Income taxes payable 1,500 Total current liabilities 26,600 Notes payable (long-term) 30,900 Total liabilities 57,500 Equity Common stock, $5 par value 241,200 Retained earnings 33,400 Total liabilities and equity $332,100 $ 24,900 52,800 99,200...
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...
CRUZ INL. Comparative Balance Sheets December 31, 2017 2017 2016 $ 94,888 41, 85, see 5,4ee 227,880 199,000 (17, eee) $319, eee $ 24,000 51, eee 95,888 4, 2ee 175, eee 119,000 (9,808) $285, 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...
CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets $ 72,900 $18,100 38,400 Cash Accounts receivable, net 31,300 65,600 Inventory 72,100 3,300 Prepaid expenses 4,000 131,900 Total current assets 173,800 Furniture 80,600 93,500 (7,100) $218,300 Accum. depreciation-Furniture (12,500) $241,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $ 11,400 6,800 $16,100 3,800 1,200 19,400 24,800 44,200 2,100 22,000 55,800 77,800 Notes payable (long-term) Total liabilities Equity Common stock, $5 par value...
Required information A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 69,200 Accounts receivable, net 29,700 Inventory 62,200 Prepaid expenses 3,800 Total current assets 164,900 Furniture 76,600 Accum. depreciation-Furniture (11,900) Total assets $229,600 Liabilities and Equity Accounts payable $ 10,800 Wages payable 6,400 Income taxes payable 1,100 Total current liabilities 18,300 Notes payable (long-term) 22,780 Total liabilities 41,000 Equity Common stock, $5 par value...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
CRUZ, INC Comparative Balance Sheets December 31, 2019 2019 2018 $ 94,800 41.000 85,800 5,400 227,000 109,000 (17,000) $319,000 $ 24,000 51.000 95,800 4,200 175,000 119,000 (9.000) $285,000 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 $ 15,000 $ 21.000 9,000 5,000...
December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 94,800 41,000 85,800 5,400 227,000 109,e00 (17,000) $319,000 $ 24,000 51,000 95,800 4,200 175,000 119,000 (9,000) $285,000 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 $ 15,000 9,000 1,400 25,400 29,000 54,400 $ 21,000 5,000 2,600 28,600 69,000 97,600 229,000...
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