Marquis Inc. made sales of $700 million during 2014. Of this amount, Marquis Inc. collected cash for all but $30 million. The company's cost of goods sold was $300 million, and all other expenses for the year totaled $350 million. Also during 2014, Marquis Inc. paid $400 million for its inventory and $280 million for everything else. Beginning cash was $100 million. Marquis Inc.'s top management is interviewing you for a job and you are asked two questions:
a. How much was Marquis Inc.'s net income for 2014?
b. How much was Marquis Inc.'s cash balance at the end of 2014?