Marquis Inc. made sales of \(\$ 700\) million during 2020. 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 totalled \(\$ 350\) million. Also during 2020, Marquis Inc. paid \(\$ 400\) million for its inventory and \(\$ 280\) million for everything else. Beginning cash was \(\$ 100\) million. The company uses accrual accounting. 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 2020?

b. How much was Marquis Inc.'s cash balance at the end of 2020 ?