A comparative balance sheet and income statement is shown for Cruz, Incorporated. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets CRUZ, INCORPORATED Comparative Balance Sheets 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 lotal liabilities and equity Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2021 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $ 325,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 15,400 9,200 1,500 > 225, 500 26,100 30,900 57,000 232,600 36,300 $325,900 $ 501,300 322,600 178,700 > 272,300 91,600 38,600 2020 48,500 17,700 $ 30,800 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $ 292,900 < 501 300 $ 21,500 4,900 2,700 29,100 71,600 100,700 185,600 6,600 $ 292,900 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Ass were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign.
A comparative balance sheet and income statement is shown for Cruz, Incorporated. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets CRUZ, INCORPORATED Comparative Balance Sheets 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 lotal liabilities and equity Sales Cost of goods sold Gross profit CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2021 $ 97,400 41,800 87,400 5,500 232,100 111,000 (17,200) $ 325,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 15,400 9,200 1,500 > 225, 500 26,100 30,900 57,000 232,600 36,300 $325,900 $ 501,300 322,600 178,700 > 272,300 91,600 38,600 2020 48,500 17,700 $ 30,800 $ 24,400 51,700 97,100 4,400 177,600 124,700 (9,400) $ 292,900 < 501 300 $ 21,500 4,900 2,700 29,100 71,600 100,700 185,600 6,600 $ 292,900 Use the above balance sheet and income statement to prepare the operating activities section by direct method. Ass were made on credit basis. Note: Amounts to be deducted should be indicated with a minus sign.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
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