Answer Happy

1 10 points A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 2020 At December 31 Assets Cash $ 18,300 Accounts receivable, net $ 73,200 31,400 38,800 Inventory 65,700 72,800 Prepaid expenses 4,100 3,300 Total current assets 133,200 Furniture 174,400 82,700 (12,800) Accumulated 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 Sales $ 375,900 Cost of goods sold 241,900 Gross profit 134,000 Operating expenses (excluding depreciation) 68,600 Depreciation expense 28,900 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) $ 244,300 $ 11,500 6,800 1,100 19,400 22,700 42,100 173, 100 29,100 $ 244,300 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 93,500 (7,100) $ 219,600 $ 16,200 3,800 2,100 22,100 55,700 77,800 134,500 7,300 $ 219,600
1 10 points CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $375,900 Cost of goods sold. 241,900 134,000 Gross profit Operating expenses (excluding depreciation) 68,600 Depreciation expense 28,900 Income before taxes 36,500 Income taxes expense 13,300 Net income $ 23,200 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities