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Question $20-$ Chapter $12-$ Homework $-$ Connect

Question $5-$ Chapter $13-$ Homework $-$ Connect

omework

$($i$)$

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$\backslash$table$[[$mlcuulils payance,p $^,$vev,p vev$],[$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, $$5$ par value,$229,000,179,000],[$Retained earnings,$35,600,8,400],[$Total liabilities and equity,$ $319,000,$$ $285,000]]$

$\backslash$table$[[\backslash$table$[[$CRUZ$,$ INCORPORATED$],[$Income Statement$],[$For Year Ended December $31,2021]],],[$Sales$,$$ $488,000],[$Cost of goods sold,$314,000],[$Gross profit,$174,000],[$Operating expenses $($excluding depreciation$),89,100],[$Depreciation expense,$37,600],[$Income before taxes,$47,300],[$Income taxes expense,$17,300],[$Net income,$ $30,000]]$

QS $12-28$B $($Static$)$ Direct: Computing cash from operations LO P$5$

Use the above balance sheet and income statement to prepare the operating activities section by direct method. Assume all the sales were made on credit basis.

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[$Cash flows from operating activities,$],[,],[,],[,],[,]]$

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A comparative balance sheet and income statement is shown for Cruz, Incorporated.

CRUZ, INCORPORATED

$1$ of $3$

References

$\backslash$table$[[$CRUZ$,$ INCORPORATED Comparative Balance Sheets$],[$At December $31,2021,2020],[$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$,109,000,119,000],[$Accumulated depreciation$-$Furniture,$(17,000),(9,000)$

$4$

Common$-$size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.

$1$

points

$\backslash$table$[[$eBook$],[$Hint$],[$Print$],[$References$]]$

$\backslash$table$[[,$Common$-$Size Percents,Trend Percents$],[$Current$,1$ Year,$2$ Years,Current,$1$ Year,$2$ Years$],[$Year$,$Ago,Ago,Year,Ago, Ago

$100\mathrm{.}0\%$

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