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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 99,000 42,800 89,600 5,600 Sales Cost of goods sold Gross profit 237,000 113,000 (17,600) $ 332,400 $ 15,600 9,400 1,500 26,500 31,100 57,600 238,600 36,200 $ 332,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 $ 21,900 5,200 2,700 29,800 65,700 95,500 190,000 12,000 $ 297,500 $ 509,400 327,800 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below.

A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 99,000 42,800 89,600 5,600 Sales Cost of goods sold Gross profit 237,000 113,000 (17,600) $ 332,400 $ 15,600 9,400 1,500 26,500 31,100 57,600 238,600 36,200 $ 332,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 $ 21,900 5,200 2,700 29,800 65,700 95,500 190,000 12,000 $ 297,500 $ 509,400 327,800 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below.

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 26E: Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income...
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A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 99,000 42,800 89,600 5,600 Sales Cost of goods sold. Gross profit 237,000 113,000 (17,600) $ 332,400 $ 15,600 9,400 1,500 26,500 31,100 57,600 238,600 36,200 $ 332,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 $ 21,900 5,200 2,700 29,800 65,700 95,500 190,000 12,000 $ 297,500 $ 509,400 327,800 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below.
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets 2021 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 $ 99,000 42,800 89,600 5,600 Sales Cost of goods sold. Gross profit 237,000 113,000 (17,600) $ 332,400 $ 15,600 9,400 1,500 26,500 31,100 57,600 238,600 36,200 $ 332,400 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2020 $ 25,000 53,100 99,700 4,400 182,200 124,700 (9,400) $ 297,500 $ 21,900 5,200 2,700 29,800 65,700 95,500 190,000 12,000 $ 297,500 $ 509,400 327,800 181,600 92,900 39,200 49,500 18,100 $ 31,400 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2021? 2. Assume that no additional notes payable are issued in 2021. What cash amount is paid to reduce the notes payable balance in 2021? Complete this question by entering your answers in the tabs below.
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