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2314 please help answer attached question fast, thank you! Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
2314 please help answer attached question fast, thank you!
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017. MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12 /31/ 17 12 /31/ 16 Cash Accounts receivable $6,000 62,000 $7,100 50,700 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 40,400 59,600 5,100 3,900 Prepaid rent Equipment 153,300 131,200 Accumulated depreciationequipment Copyrights (35,300 ) 46,000 (25,100 ) 50,000 $312,800 Total assets Accounts payable Income taxes payable $295,300 $46,200 3,900 $39,700 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 59,900 68,300 Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 100,000 30,000 56,900 $312,800 100,000 30,000 37,100 $295,300 MARIN INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Net income $25,700 Additional information: 1. Dividends in the amount of $5,900 were declared and paid during 2017. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Sales revenue Cost of goods sold $334,625Equipment that had a cost of $19,800 174,300and was 70% depreciated was sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense 160,325during 2017. 118,900 41,425 $11,300 2,000 Prepare a statement of cash flows using the indirect method. (Show 9,300amounts that decrease cash flow with 32,125either a - sign e.g. -15,000 or in 6,425parenthesis e.g. (15,000).) Statement of Cash Flows $ Adjustments to reconcile net income to $ $Step by Step Solution
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