Question

Use the following information for the Quick Study below. [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, 2017 2017 2016 Assets Cash Accounts rece ivable , net Inventory Prepaid expenses $75,900 32,600 68,300 4,200 18,900 40,100 75,300 3,500 Total current assets 181,000 84,600 (13,100) $252,500 137,800 Furniture 99,200 (7,500) Accum. depreciation-Furniture Total assets $229,500 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 11,900 7,100 1,200 20,200 24,800 45,000 $ 16,900 4,000 2,200 23,100 58,400 81,500 Equity Common stock, $5 par value Retained earnings 141,500 6,500 $229,500 177,300 30,200 $252,500 Total liabilities and equity

Answer 1

i Retained earnings Beginning Balance 6500 G Net income carried forward to Ibalance sheet $24300 $ 30 goo - cash dividends (600) Ending Balance $30200 Note payable Beginning Balance $58400 cash paid 33600 Ending Balance $24800