The folowing information applies to the questions displayed below] A comparative

Question

The folowing 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 recelvable, net s 71600 $ 18,000 30,900 38,200 64,700 71700 3,300 171,200 131,200 80,600 93,500 Prepaid expenses Totai current assets 4,000 Accum. depreclation-Furniture Total assets Liablities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payeble (long-term) (12.500)C $239,300 217,700 11,300 16,000 6,800 3,800 2.100 19.200 21,900 55,800 77700 1,100 Total liabililties Equity Common stock, $5 par value Retained earnings 42,000 174,100 138,700 1,300 $239,300 217,700 23,200 Total ltabilmes and equity CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $372,800 239,900 Depreciation expense 28,700 Other expenses Income before taxes Income taxes expense Net income 6B,10096,800 ??36.100 13,200 $ 22,900 5. Award: 1.00 point 1. How much cash is received from sales to customers for year 2017? Beg. bal End. bal. 2. What is the net increase or decrease in cash for year 20177

Explanation / Answer

1.

2.

Net Increase in cash for 2017=71600-18000=53,600

Accounts Receivable Beginning Balance      38,200.00 By Cash    380,100.00 To Sales    372,800.00 Ending Balance      30,900.00 Total    411,000.00 Total    411,000.00

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