A comparative balance sheet and income statement is shown for Cruz, Incorporated. ...

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Accounting

A comparative balance sheet and income statement is shown for Cruz, Incorporated.

CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31 2021 2020
Assets
Cash $ 99,000 $ 25,000
Accounts receivable, net 42,800 53,100
Inventory 89,600 99,700
Prepaid expenses 5,600 4,400
Total current assets 237,000 182,200
Furniture 113,000 124,700
Accumulated depreciationFurniture (17,600) (9,400)
Total assets $ 332,400 $ 297,500
Liabilities and Equity
Accounts payable $ 15,600 $ 21,900
Wages payable 9,400 5,200
Income taxes payable 1,500 2,700
Total current liabilities 26,500 29,800
Notes payable (long-term) 31,100 65,700
Total liabilities 57,600 95,500
Equity
Common stock, $5 par value 238,600 190,000
Retained earnings 36,200 12,000
Total liabilities and equity $ 332,400 $ 297,500

CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales $ 509,400
Cost of goods sold 327,800
Gross profit 181,600
Operating expenses (excluding depreciation) 92,900
Depreciation expense 39,200
Income before taxes 49,500
Income taxes expense 18,100
Net income $ 31,400

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?

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