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Required information Use the following information for the Quick Study below A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC ComparativeBalance Sheets December 31, 2017 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation-Furniture (17,200)(9,400) lotal assets Liabilities and Equity Accounts payable Wages payable Income taxes payable lotall current l1abilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $325,900 $292,906e $ 97,400 24,400 51,700 97,100 4,400 232,100 177,600 111,000124,700 41,800 87,400 5, 500 $325,900 $292,900 $ 15,400 $ 21, 500 4,900 2,700 29,100 71,600 57,000 100,700 9,200 1,500 26,100 30,900 232,600185,600 6, 600 36, 300CRUZ, INC Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $501,300 322,606 178,700 Depreciation expense $38,600 Other expenses Income before taxes Income taxes expense Net income 91,600130,200 48,500 17,700 $30,800QS 16-13 Computing financing cash outflows LO P3 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2017? 2. Assume that no additional notes payable are issued in 2017. What cash amount is paid to reduce the notes payable balance in 2017? Answer is not complete. Retained Earnings Beg. bal Dividends paid 6,600 30,800 36,300 End. bal. 1,100 Notes Payable Beg bal Payment on notes payable 71,600 End. bal. 71,600

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