The following information applies to the questions displayed below] A comparativ

Question

The following information applies to the questions displayed 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 Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. 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 $ 71,600 18,000 38,200 64,700 71700 3,300 171,200 131,200 80,600 93,500 (12,500) (7,000) $239,300 $217,700 30,900 4,000 $ 1130016,000 6,800 1,100 19,200 22,800 42,000 3,800 2,100 21,900 55,800 77,700 174,100 138,700 1,300 $239,300 $217,700 23,200 1 CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $372,800 239,900 132,900 Depreciation expense $28,700 Other expenses Income before taxes Income taxes expense Net income 68,100 96,800 36,100 3,200 $ 22,900

Explanation / Answer

Cash flow from operating activities :

Net income 22900 Adjustment to reconcile net income to operating cash flow Income statement item not affecting cash Depreciation expense 28700 Changes in current assets and liabilities Decrease account receivable 7300 Decrease inventory 7000 Increase prepaid expense -700 Decrease account payable -4700 Increase wages payable 3000 Decrease income tax payable -1000 39600 Net cash flow from operating activities 62500

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