A comparative balance sheet and income statement is shown for Cruz, Inc.
CRUZ, INC. Comparative Balance Sheets December 31, 2013
2013 2012
Assets
Cash $94,800 $24,00
Accounts receivable, net 41,000 51,000
Inventory 85,800 95,800
Prepaid expenses 5,400 4,200
Furniture 109,000 119,000
Accum. depreciation- Furniture (17,000) (9,000)
Total assess $319,000 $285,000
Liabilities and Equity
Accounts payable $15,000 $21,000
Wages payable 9,000 5,000
Income taxes payable 1,400 2,600
Notes payable long-term 29,000 69,000
Common stock, $5 par value 229,000 179,000
Retained earnings 35,600 8,400
Total liabilities and equity $319,000 $285,000
CRUZ, INC. Income Statement For Year Ended December 31, 2013
Sales $488,000
Cost of goods sold 314,000
Gross profit 174,000
Operating expenses
Depreciation expense $37,600
Other expenses 89,100 126,700
Income before taxes 47,300
Income taxes expense 17,300
Net Income $30,000
Use the above balance sheet and income statement to prepare the cash provided used from operating activities section by direct method. Amounts deducted should be indicated with a minus sign.
Answers: 2
Business, 22.06.2019 17:40, lukecoupland4401
Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.
Answers: 3
A comparative balance sheet and income statement is shown for Cruz, Inc.
CRUZ, INC. Comparative Bal...
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