Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained...
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Accounting
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
$5,300,000
Cost of goods sold
3,575,000
Gross profits
1,725,000
Selling and administrative expense
690,000
Amortization expense
210,000
Operating income
825,000
Interest expense
58,000
Earnings before taxes
767,000
Taxes
450,000
Earnings after taxes
317,000
Preferred stock dividends
25,000
Earnings available to common shareholders
$292,000
Shares outstanding
146,000
Earnings per share
$2.00
Statement of Retained Earnings For the Year Ended December 31, 20XX
Retained earnings, balance, January 1, 20XX
$900,000
Add: Earnings available to common shareholders, 20XX
292,000
Deduct: Cash dividends declared and paid in 20XX
150,000
Retained earnings, balance, December 31, 20XX
$1,042,000
Comparative Balance Sheets For 20XX and 20XW
December 31, 20XX
December 31, 20XW
Assets
Current assets:
Cash
$120,000
$108,000
Accounts receivable (net)
500,000
488,000
Inventory
630,000
604,000
Prepaid expenses
22,000
44,000
Total current assets
1,272,000
1,244,000
Investments (long-term securities)
120,000
125,000
Plant and equipment
2,400,000
1,800,000
Less: Accumulated depreciation
973,000
763,000
Net plant and equipment
1,427,000
1,037,000
Total assets
$2,819,000
$2,406,000
Liabilities and Shareholders Equity
Current liabilities:
Accounts payable
$438,000
$220,000
Notes payable
500,000
500,000
Accrued expenses
49,000
66,000
Total current liabilities
987,000
786,000
Long-term liabilities:
Bonds payable, 20XY
170,000
100,000
Total liabilities
1,157,000
886,000
Shareholders equity:
Preferred stock
120,000
120,000
Common stock
500,000
500,000
Retained earnings
1,042,000
900,000
Total shareholders equity
1,662,000
1,520,000
Total liabilities and shareholders equity
$2,819,000
$2,406,000
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.)
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