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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 Mages 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 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Income taxes expense Niet incone 2020 566,100 28,500 59,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $ 199,500 $ 341,600 219,800 121,800 62,400 26,300 33,100 12,100 $ 21,000 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable

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 Mages 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 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Income taxes expense Niet incone 2020 566,100 28,500 59,700 3,700 158,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $ 199,500 $ 341,600 219,800 121,800 62,400 26,300 33,100 12,100 $ 21,000 QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable

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
Section: Chapter Questions
Problem 32BEB
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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 CRUZ INCORPORATED Comparative Balance Sheets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages 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 CRUZ, INCORPORATED Income Statement. For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Incone taxes expense Net Income 1. Cash paid for inventory 2 Cash paid for operating expenses 2020 $ 66,100 28,500 59,700 3,700 155,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $ 199,500 $ 341.600 219,800 121,800 62,400 26,300 33,100 12,100 $ 21,0) QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable
Transcribed Image Text: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 CRUZ INCORPORATED Comparative Balance Sheets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Hages 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 CRUZ, INCORPORATED Income Statement. For Year Ended December 31, 2020 Operating expenses (excluding depreciation) Depreciation expense Incone before taxes Incone taxes expense Net Income 1. Cash paid for inventory 2 Cash paid for operating expenses 2020 $ 66,100 28,500 59,700 3,700 155,000 74,600 (11,600) $ 221,000 $ 10,400 6,300 1,000 17,700 20,700 38,400 159,500 23,100 $ 221,000 2019 $ 16,600 35,200 66,100 3,000 120,900 85,000 (6,400) $ 199,500 $ 14,700 3,500 1,900 20,100 50,500 70,600 125,000 3,900 $ 199,500 $ 341.600 219,800 121,800 62,400 26,300 33,100 12,100 $ 21,0) QS 12-27B (Algo) Direct: Computing operating cash outflows LO P5 1. How much cash is paid to acquire inventory during year 2020? 2. How much cash is paid for operating expenses (excluding depreciation) during year 2020? Hint Examine prepaid expenses and wages payable
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