Ms. Foster prepared the following financial statements. Minneapolis Inc Income Statement For the Month Ended December 31, 2015 Minneapolis Inc Statement of Retained Earnings For the Month Ended December 31, 2015 $ 400,000.00 $ 250,000.00 $150,000.00 Retained Earnings, January 1, 2012 333,500.00 $ 107,000.00 $440,500.00 $15,000.00 425,500.00 Total Revenues Cost of Goods Sold Gross Profit Operating Expenses - Salaries Expense - Depreciation Expense - Insurance expense - Rent expense - Utilities expense - Miscellaneous expenses Total Operating Expenses Operating Profit Interest income Net Income Add: Net Income Subtotal Less: Dividends Retained Earnings, December 31, 201 $ $18,000.00 $20,000.00 $ 8,000.00 $ 2,000.00 $ 2,500.00 $500.00 $ 51,000.00 $99,000.00 $8,000.00 $ 107,000.00 Minneapolis Inc Balance Sheet December 31, 2014 & 2015 ASSETS CURRENT ASSETS Cash Accounts Receivable Supplies Inventory Prepaid expense Total Current Assets 2015 2014 LIABILITIES 2015 2014 CURRENT LIABILITIES: 40,000.00 $25,000.00 Accounts Payable $ 65,000.00 $45,000.00 Salaries Payable $25,000.00 $ 70,000.00 $ 18,000.00 $ 12,000.00 $12,000.00 $ 10,000.00 55,000.00 92,000.00 $ 50,000.00 $ 30,000.00 Accrued liabilities $ 409,000.00 $ 450,000.00 Total Current Liabilities $86,000.00 $ 75,000.00 $ 650,000.00 $ 625,000.00 LONG-TERM LIABILITIES; Bonds Payable Notes Payable $80,000.00 $ 100,000.00 $85,000.00 $ 75,000.00 165,000.00 $ 175,000.00 FIXED ASSETS Land Building Accumulated depreciation - building $ (55,000.00) $ (40,000.00)STOCKHOLDERS' EQUITY Equipment Accumulated depreciation equipme (20,000.00) Total Fixed Assets $ 45,500.00 $45,500.00 Total Long-term Liabilities $ 150,000.00 $ 125,000.00 $ 55,000.00 $ 40,000.00 Common Stock $ 175,500.00 $ 155,500.00 Total Stockholders' Equity $ 825,500.00 $ 780,500.00 Total Liabilities & Stockholders' Equity $ 825,500.00 $ 780,500.00 $ 180,000.00 $ 180,000.00 $ 425,500.00 $ 333,500.00 $ 513,500.00 (15,000.00) Retained Earnings 605,500.00 Total Assets Minneapolis Inc Statement of Cash Flow For the Month Ended December 31, 2015 Cash Flows From Operating Activities Net Cash Flows from Operating Activities Cash Flows From Investing Activities Net Cash Flows from Investing Activities Cash Flows From Financing Activities Net Cash Flows from Financing Activities Net increase (decrease) in cash during the year Beginning Cash balance Ending Cash balance