A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance…

A comparative balance sheet and income statement is shown for
Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2015
2015 2014 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
Accum. depreciation—Furniture (17,000 ) (9,000 ) Total assets $
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
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 CRUZ, INC. Income
Statement For Year Ended December 31, 2015 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
1. Assume that all common stock is issued for cash. What amount of
cash dividends is paid during 2015? 2. Assume that no additional
notes payable are issued in 2015. What cash amount is paid to
reduce the notes payable balance in 2015?

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