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Homework answers / question archive / Use the following information for the Quick Study below

Use the following information for the Quick Study below

Accounting

Use the following information for the Quick Study below.

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

CRUZ, INC.
Comparative Balance Sheets
December 31, 2017
    2017       2016  
Assets              
Cash $ 94,800     $ 24,000  
Accounts receivable, net   41,000       51,000  
Inventory   85,800       95,800  
Prepaid expenses   5,400       4,200  
Total current assets   227,000       175,000  
Furniture   109,000       119,000  
Accum. depreciation—Furniture   (17,000 )     (9,000 )
Total assets $ 319,000     $ 285,000  
Liabilities and Equity              
Accounts payable $ 15,000     $ 21,000  
Wages payable   9,000       5,000  
Income taxes payable   1,400       2,600  
Total current liabilities   25,400       28,600  
Notes payable (long-term)   29,000       69,000  
Total liabilities   54,400       97,600  
Equity              
Common stock, $5 par value   229,000       179,000  
Retained earnings   35,600       8,400  
Total liabilities and equity $ 319,000     $ 285,000  
 

   

CRUZ, INC.
Income Statement
For Year Ended December 31, 2017
Sales       $ 488,000  
Cost of goods sold         314,000  
Gross profit         174,000  
Operating expenses            
Depreciation expense $ 37,600        
Other expenses   89,100     126,700  
Income before taxes         47,300  
Income taxes expense         17,300  
Net income       $ 30,000  
 

QS 12-14B Direct: Computing cash received from customers LO P5

1. How much cash is received from sales to customers for year 2017?
2. What is the net increase or decrease in cash for year 2017?

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