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 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 $5,000,000 3,150,000 Sales Cost of goods sold Gross profits Selling and administrative expense Amortization expense 1,850,000 660,000 320,000 Operating income 870,000 55,000 Interest expense Earnings before Taxes 815,000 420,000 taxes Earnings after taxes 395,000 ferred stock dividends 20,000 Pre Earnings available to common shareholders $375,000 Shares outstanding Earnings per share 187,500 $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 $880,000 375,000 200,000 Retained earnings, balance, December 31, 20xX $1,055,000 Comparative Balance Sheets For 20XX and 20XW December 31, 20XX December 31, 20XW Assets Current assets: Cash $120,000 470,000 600,000 19,000 $108,000 458,000 572,000 38,000 Accounts receivable (net) Inventory Prepaid expenses Total current assets 1,176,000 105,000 1,209,000 100,000 Investments (long-term securities) Plant and equipment Less: Accumulated depreciation 2,400,000 1,080,000 1,800,000 760,000 Net plant and equipment 1,320,000 1,040,000 $2,629,000 $2,321,000 Total assets Liabilities and Shareholders Equity Current liabilities: $157,000 500,000 64,000 Accounts payable Notes payable $238,000 500,000 46,000 Accrued expenses Total current liabilities 721,000 784,000 Long-term liabilities: Bonds payable, 20XY 170,000 100,000 Total liabilities 821,000 954,000 Shareholders' equity: 120,000 500,000 1,055,000 120,000 500,000 880,000 Preferred stock Common stock Retained earnings Total shareholders' equity 1,675,000 1,500,000 Total liabilities and shareholders' equity $2,629,000 $2,321,000 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 tatement 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) #1 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