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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.
A comparative balance sheet and income statement is shown for Cruz, Inc.
| CRUZ, INC. Comparative Balance Sheets December 31, 2017 |
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| 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 |
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| 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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