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

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Accounting

A comparative balance sheet and income statement is shown for Cruz, Inc. Assume all purchases of inventory are on credit.

CRUZ, INC. Comparative Balance Sheets December 31, 2016
2016 2015
Assets
Cash $ 89,000 $ 22,100
Accounts receivable, net 38,200 46,900
Inventory 80,000 88,000
Prepaid expenses 4,900 4,000
Total current assets 212,100 161,000
Furniture 98,800 113,300
Accum. depreciationFurniture (15,300 ) (8,600 )
Total assets $ 295,600 $ 265,700
Liabilities and Equity
Accounts payable $ 13,900 $ 19,600
Wages payable 8,200 4,600
Income taxes payable 1,400 2,600
Total current liabilities 23,500 26,800
Notes payable (long-term) 28,900 69,000
Total liabilities 52,400 95,800
Equity
Common stock, $5 par value 215,000 169,100
Retained earnings 28,200 800
Total liabilities and equity $ 295,600 $ 265,700

1. How much cash is paid to acquire inventory during year 2016?

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