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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 $5,700,000 3,875,000 Gross profits Selling and administrative expense Amortization expense 1, 825,000 730,000 250,000 Operating income Interest expense 845,000 52,000 Earnings before taxes Taxes 793,000 350,000 Earnings after taxes 443,000 Preferred stock dividends 30,000 Earnings available to common shareholders $413,000 Shares outstanding Earnings per share 165,200 $2.50 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 $900,000 413,000 150,000 Retained earnings, balance, December 31, 20xx $1,163,000 December 31, 20XX December 31, 20XW Assets Current assets: Cash Accounts receivable (net) Inventory Prepaid expenses $120,000 540,000 510,000 26,000 $103,000 528,000 488,000 52,000 1,196,000 120,000 1,171,000 125,000 Total current assets Investments (long-term securities) Plant and equipment Less: Accumulated depreciation 2,600,000 1,017,000 2,000,000 767,000 Net plant and equipment 1,583,000 1, 233,000 Total assets $2,899,000 $2,529,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Notes payable Accrued expenses $373,000 500,000 53,000 $325,000 500,000 74,000 926,000 899,000 Total current liabilities Long-term liabilities: Bonds payable, 20XY 180,000 100,000 1,106,000 999,000 Total liabilities Shareholders' equity: Preferred stock Common stock Retained earnings 130,000 500,000 1, 163,000 130,000 500,000 900,000 Total shareholders' equity 1,793,000 1,530,000 Total liabilities and shareholders' equity $2,899,000 $2,529,000 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) 000 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) 0.000 Cash, beginning of year Cash, end of year $
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