Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative

Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Sales Cost of goods sold Gross profits Selling and administrative expense Amortization expense Operating income Interest expense Maris Corporation Income Statement Year Ended December 31, 20XX Earnings before taxes Taxes Earnings after taxes Preferred stock dividends Earnings available to common shareholders Shares outstanding Earnings per share Statement of Retained Earnings For the Year Ended December 31, 20XX Retained earnings, balance, January 1, 20XX Add: Earnings available to common shareholders, 20XX Deduct: Cash dividends declared and paid in 20XX Retained earnings, balance, December 31, 20XX $6,000,000 4,150,000 1,850,000 760,000 280,000 810, 000 55,000 755,000 380,000 375,000 30,000 $345,000 143, 750 $2.40 $920,000 345,000 150,000 $1,115,000
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Given is the Income Statement for the year ended December 31, 20XX. Statement of Retained Earnings for the year ended December 31,20X and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Statement of Retained Earnings For the Year Ended December 31, 20xx Retained earnings, balance, January 1, 20XX Add: Earnings avallable to common shareholders, 20xX Deduct: Cash dividends declared and paid in 20x Retained earnings, balance, December 31, 20xx Comparat ive Balance sheets for 20x and 20W Deceeber 31, 20xX December 31,20W Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses Total current assets Investments (long-term securities) Plant and equipment Less: Accunulated depreciation Net plant and equipnent Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses Total current liabilities Long-tere liabilities: Bonds payable, 20XY $12,00 570,000 540,000 29,000 1,259,000 2, 600,600 1,053, , 10 $103,000 558,690 505,000 58,000 1,224,000 2,000,000 125,00 773,000 1, 547,000 $2,926,000 1,227,000 $2,576,000 5425,000 500,000 56, 090 981, 190,000 $352,000 500,000 64, 090 916,000 100,000 Prepare a statement of cash flows for the Maris Corporation. (Amounts to be deducted should be indicated with a minus sign. Omit $ sign in your response.) Add items not requiring an outlay of cash: (Click to select) Cash flow from operations \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Net Change in non-cash working capital Cash (Click to select) operating activities Investing activities: Cash [(Click to select) v Investing activities Financing activities: Cash (Click to select) v financing activities (Click to select) Cash, beginning of year Cash, end of year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

The p.d.f. is g(t) = 6t(1 - t) for 0 t Answered: 1 week ago

Answered: 1 week ago