Quiz A comparative balance sheet and income statement is sho

Quiz A comparative balance sheet and income statement is shown for Cruz, Inc. Comparative Balance Sheets December 31, 2817 Cash Accounts receivable, net 66,180 $16,6ee 28,58035,28e 66,180 3.080 59,780 3,700 Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture Total assets 158,800128,988 74,60085,88e (11,680)(6 480) $221,000 $199, 588 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Conmon stock, $5 par value Retained earnings $ 19,480$14,788 3, see 6,300 188e906 1,980 7 78028-188 se 580 28,780 38,486 159, 58e 125,08 Total liabilities and equity 3.990 $199,500 $221,880 CRUZ, INC Income Statement For Year Ended Decenber 31, 2817 $341 580 Cost of goods sold Gross profit Operating expenses Depneciat on expense Other expenses Lncone before taxes .ncore taxes ÷xpense. 5:100 S2168

Solution

1 Retained earnings Beg.Balance                  3,900 Add Net income                21,000 Less Dividend Paid                  1,800 Closing Balance                23,100 2 Notes Payable Beg.Balance                50,500 Payment on notes payable                29,800 Closing Balance                20,700