Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cruz, inc. comparative balance sheets december 31,

CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 91,100 $...

50.1K

Verified Solution

Question

Accounting

CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 91,100 $ 22,900 Accounts receivable, net 39,100 48,600 Inventory 81,800 91,300 Prepaid expenses 5,200 4,100 Total current assets 217,200 166,900 Furniture 105,000 116,200 Accum. depreciationFurniture (16,200 ) (8,700 ) Total assets $ 306,000 $ 274,400 Liabilities and Equity Accounts payable $ 14,400 $ 20,200 Wages payable 8,600 4,500 Income taxes payable 1,400 2,500 Total current liabilities 24,400 27,200 Notes payable (long-term) 28,900 66,400 Total liabilities 53,300 93,600 Equity Common stock, $5 par value 216,400 172,100 Retained earnings 36,300 8,700 Total liabilities and equity $ 306,000 $ 274,400 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales $ 469,700 Cost of goods sold 302,300 Gross profit 167,400 Operating expenses Depreciation expense $ 36,200 Other expenses 85,900 122,100 Income before taxes 45,300 Income taxes expense 16,500 Net income $ 28,800

1. How much cash is received from sales to customers for year 2019? Assume all the sales were made on credit basis.

2. What is the net increase or decrease in cash for year 2019?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students