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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: Maris Corporation Income Statement Year Ended December 31, 20xx Sales Cost of goods sold $5,400,000 3,650,000 Gross profits Selling and administrative expense Amortization expense 1,750,000 700,000 220,000 Operating income Interest expense 830,000 59,000 Earnings before taxes Taxes 771,000 460,000 Earnings after taxes 311,000 Preferred stock dividends 25,000 Earnings available to common shareholders $286,000 Shares outstanding Earnings per share 143,000 $2.00 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 $900,000 286,000 150,000 Retained earnings, balance, December 31, 20XX $1,036,000 Comparative Balance Sheets For 20xx and 20XW December 31, 20XX December 31, 20XW Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses $120,000 510,000 640,000 23,000 $108,000 498,000 615,000 46,000 1,293,000 120,000 1,267,000 125,000 Total current assets Investments (long-term securities) Plant and equipment Less: Accumulated depreciation 2,600,000 984,000 2,000,000 764,000 1,236,000 Net plant and equipment 1,616,000 Total assets $3,029,000 $2,628,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses $643,000 500,000 50,000 $440,000 500,000 68,000 1,193,000 1,008,000 Total current liabilities Long-term liabilities: Bonds payable, 20XY 180,000 100,000 1,373,000 1,108,000 Total liabilities Shareholders' equity: Preferred stock Common stock Retained earnings 120,000 500,000 1,036,000 120,000 500,000 900,000 Total shareholders' equity 1,656,000 1,520,000 Total liabilities and shareholders' equity $3,029,000 $2,628,000 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.) MARIS CORPORATION Statement of Cash Flows For the Year Ended December 31, 20XX Operating Activities: (Click to select) Add items not requiring an outlay of cash: (Click to select) $ Cash flow from operations (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) operating activities Investing activities: (Click to select) (Click to select) Cash (Click to select) Investing activities V Financing activities: (Click to select) (Click to select) (Click to select) y Cash (Click to select financing activities Add items not requiring an outlay of cash: (Click to select) V Cash flow from operations (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Net Change in non-cash working capital Cash (Click to select) operating activities Investing activities: (Click to select) (Click to select) Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) (Click to select) Cash (Click to select) financing activities (Click to select) Cash, beginning of year 1002 Cash, end of year $
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