Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ende December 31, 20XX and
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ende December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Marls Corporation: Maris Corporation Income Statement Year Ended December 31, 20XX Sales $6,000,000 Cost of goods sold 4,150,000 1,850,000 760,000 Gross profits Selling and administrative expense Amortization expense Operating income Interest expense 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 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 $1,11000 Comparative Balance Sheets For 20XX and 20XW December 31, 20XX December 31, 20XW Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses $120,000 570,000 540,000 $103,000 558,000 505,000 29,000 58,000 Total current assets 1,259,000 Investments (long-term securities) 120,000 1,224,000 125,000 Plant and equipment Less: Accumulated depreciation 2,600,000 1,053,000 2,000,000 773,000 Net plant and equipment 1,547,000 $2,926,000 1,227,000 $2,576,000 Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses Total current liabilities Long-term liabilities: Bonds payable, 20XY Total liabilities Shareholders' equity: Preferred stock 981,000 $425,000 500,000 56,000 $352,000 500,000 64,000 916,090 190,000 100,000 1,171,00 , eels 1,016,000 Common stock Retained earnings Total shareholders' equity 140,000 500,000 1,115,000 1,755,000 140,000 500,000 920,000 1,560,000 Total liabilities and shareholders' equity $2,926,000 $2,576,000 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 v 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 Cash, end of year
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started