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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture 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 $62,800 27,000 56, 600 3,500 149, 900 70, 500 (10,900) $ 209,500 $ 9,900 5,900 1,000 16,800 20,700 37,500 150,000 22,000 $ 209,500 2020 $ 15,700 33,300 62,500 2,900 114, 400 82, 200 (6, 200) $ 190, 400 $ 14,000 3,300 1,800 19, 100 47,800 66,900 121,000 2,500 $ 190, 400

CRUZ, INCORPORATED Income Statement, For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income $ 326,000 209, 800 116, 200 59,500 25, 100 31, 600 11, 500 $ 20,100 1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. 2. What is the net increase or decrease in the Cash account for year 2021?

Required 1 Required 2 How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis. Accounts Receivable Beginning balance Sales on account Ending Balance 326,000 326,000 Cash collections from customers

55 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the net increase or decrease in the Cash account for year 2021? Net increase in cash