Required information Use the following information for the Quick Study below. A

Question

Required information Use the following information for the Quick Study below. A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, ING. 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 $ 72,900 S18,100 31,300 65,60072,100 4,000 O 3,300 173,800131,900 80,60093,500 (12,500) (710a) $241,900 $218,300 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (iong-temm) Total liabilities Equity Common stock, $5 pan value Retained eannings Total liabilities and equity s 11,400 S 16,100 3,800 2,100 22,000 24,80055 B00 77.800 6,800 1, 200 19,400 44, 200 170, 300134,800 $ 241,900 $218 s00

Explanation / Answer

Answer:

Cash Paid for Inventory = (Closing Inventory – Opening Inventory) + Cost of goods sold

Cash paid for Inventory = ($65600 - $72100) + $240600

Cash Paid for Inventory = $2,34,100

Cash paid for Other Expenses = Other Operating expenses + Increase in Prepaid Expenses – Increase in accrued Liability

Cash Paid for other expenses = $97100 + ($4000 -$3300) – ($6800 - $3800)

Cash paid for Other Expenses = $97100 + $700 + $3000

Cash paid for Other Expenses = $1,00,800.

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