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

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, 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 Gross profits Selling and administrative expense Amortization expense $5,100,000 3,225,000 1,875,000 670,000 330,000 Operating income Interest expense 875,000 56,000 Earnings before taxes " Taxos 819,000 430,000 Earnings after taxes 389,000 Preferred stock dividends 20,000 Earnings available to common shareholders $369,000 Shares outstanding Earnings per share 184,500 $2.00 Statemynt of Retained Earninga For the Year Ended December 31, 20XX Retained earnings, balance. January 1, 20XX Add: Earnings available to common shareholders, 20XX Deduct cash dividendis declared and paid in 20XX Retained earnings, balance, December 31, 20XX $880,000 369,000 200,000 $1.049,000 Comparative Balance Sheets Tor 20xx and 20xw December 31, 20XX December 31, 20XW Assets Current assets! Canh Accounts receivable (net) Inventory Prepaid expenses $120,000 480,000 610,000 20,000 $108,000 468,000 583,000 40,000 1,230,000 120,000 1,199,000 125,000 2,400,000 1,091,000 1,800,000 761,000 1,309,000 1,039,000 $2,659,000 $2,263,000 Total current assets Investments (long-term securitie) plant and equipment Les Accumulated depreciation Het plant and equipment Total asset Liabilities and shareholders' Xquity Current Liabilities Accounts payable Hoteo payable Accrued expenses Total current liabilities Long-term abilities Donds payable, 20xY Total liabilities Shareholders equity Preferred took $275,000 500.000 47.000 $197,000 500,000 66,000 820.000 163,000 170,000 100.000 990,000 863,000 120,000 120,000 $273,000 500.000 47,000 $197.000 500.000 66,000 820,000 763,000 Liabilities and shareholders' Equity Current Liabilities Accounts payable Notes payable Acered expenses Total current liabilities Long-term liabilities Bonds payable, 20XY Total Habilities Shareholders equity Preferred stock Canon stock Metained earnings 170,000 100,000 990,000 863,000 120,000 500,000 1,049.000 120,000 500,000 880,000 1,669,000 1,500,000 Total shareholders' equity Total liabilities and shareholders' equity 52,659.000 $2,363,000 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.) MARTS CORPORATION statement of Cash Flows For the Year Ended December 31, 20xx Operating Activities (Click to select) Add items not requiring an outlayot cash Click to select) Cash flow from operations Click to select (Click to select) V V

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions