FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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?
Transcribed Image Text:A comparative balance sheet and income statement is shown for Cruz, Incorporated.
CRUZ, INCORPORATED
Comparative Balance Sheets
At December 31
2021
2020
Assets
Cash
$ 15,700
$ 62,700
27,000
Accounts receivable, net
33,300
Inventory
56,600
62,500
Prepaid expenses
3,500
2,900
Total current assets
149,800
114,400
Furniture
70,500
82,200
Accumulated depreciation-Furniture
(10,900)
(6,200)
Total assets
$ 209,400
$ 190,400
Liabilities and Equity
Accounts payable
$ 9,900
$ 14,000
Wages payable
5,900
3,300
Income taxes payable.
1,000
1,800
Total current liabilities
16,800
19,100
20,700
47,800
Notes payable (long-term)
Total liabilities
37,500
66,900
Equity
123,000
Common stock, $5 par value
Retained earnings
152,200
19,700
500
Total liabilities and equity
$209,400
$ 190,400
CRUZ, INCORPORATED
Income Statement
For Year Ended December 31, 2021
Sales
$ 326,000
Cost of goods sold
209,800
Gross profit
116, 200
Operating expenses (excluding depreciation)
59,500
Depreciation expense
25,100
Income before taxes
31,600
11,500
Income taxes expense
Net income
$ 20,100
QS 16-26B (Algo) Direct: Computing cash received from customers LO P5
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?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis.
Accounts Receivable
Beginning balance
Ending Balance
< Required 1
Required 2 >
Transcribed Image Text: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?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
What is the net increase or decrease in the Cash account for year 2021?
< Required 1
Required 2
>
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