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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales Cost of goods sold Gross profit 2021 $ 90,700 38,900 81,300 5,100 216,000 102,900 (15,900) $ 303,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 14,300 8,500 1,400 24,200 28,800 53,000 215, 100 34,900 $ 303,000 CRUZ, INCORPORATED Income statement For Year Ended December 31, 2021 2020 $ 22,700 48,100 90,300 4,100 165,200 116,200 (8,see) $ 272,600 $ 20,000 4,600 2,500 27,100 66,300 93,400 171,900 7,300 $ 272,600 $ 466,600 300, 300 166,300 85,200 35,900 45,200 16,500 $ 28,700 se the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sal ere made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)

A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales Cost of goods sold Gross profit 2021 $ 90,700 38,900 81,300 5,100 216,000 102,900 (15,900) $ 303,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 14,300 8,500 1,400 24,200 28,800 53,000 215, 100 34,900 $ 303,000 CRUZ, INCORPORATED Income statement For Year Ended December 31, 2021 2020 $ 22,700 48,100 90,300 4,100 165,200 116,200 (8,see) $ 272,600 $ 20,000 4,600 2,500 27,100 66,300 93,400 171,900 7,300 $ 272,600 $ 466,600 300, 300 166,300 85,200 35,900 45,200 16,500 $ 28,700 se the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sal ere made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales Cost of goods sold Gross profit 2021 $ 90,700 38,900 81,300 5,100 216,000 102,900 (15,900) $ 303,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 14,300 8,500 1,400 24, 200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 28,800 53,000 215, 100 34,900 $ 303,000 2020 $ 22,700 48,100 90,300 4,100 165,200 116,200 (8,800) $ 272,600 $ 20,000 4,600 2,500 27,100 66,300 93,400 171,900 7,300 $ 272,600 $ 466,600 300, 300 166,300 85,200 35,900 45, 200 16,500 $ 28,700 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 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 Sales Cost of goods sold Gross profit 2021 $ 90,700 38,900 81,300 5,100 216,000 102,900 (15,900) $ 303,000 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Cash flows from operating activities $ 14,300 8,500 1,400 24, 200 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 28,800 53,000 215, 100 34,900 $ 303,000 2020 $ 22,700 48,100 90,300 4,100 165,200 116,200 (8,800) $ 272,600 $ 20,000 4,600 2,500 27,100 66,300 93,400 171,900 7,300 $ 272,600 $ 466,600 300, 300 166,300 85,200 35,900 45, 200 16,500 $ 28,700 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis. (Amounts to be deducted should be indicated with a minus sign.)
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