Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
MARIN INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12 /31/ 17 12 /31/ 16 Cash
Accounts receivable $6,000
62,000 $7,100
50,700 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 40,400 59,600 5,100 3,900 Prepaid rent
Equipment 153,300 131,200 Accumulated depreciation—equipment
Copyrights (35,300 )
46,000 (25,100 )
50,000 $312,800 Total assets
Accounts payable
Income taxes payable $295,300 $46,200
3,900 $39,700
6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 8,000 10,100 Long-term loans payable 59,900 68,300 Common stock, $10 par
Contributed capital, common stock
Retained earnings
Total liabilities & stockholders’ equity 100,000
30,000
56,900
$312,800 100,000
30,000
37,100
$295,300 MARIN INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2017
Net income $25,700 Additional information:
1. Dividends in the amount of $5,900 were declared and paid during 2017. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4.
Sales revenue
Cost of goods sold $334,625Equipment that had a cost of $19,800
174,300and was 70% depreciated was sold Gross profit
Operating expenses
Operating income
Interest expense
Gain on sale of equipment
Income before tax
Income tax expense 160,325during 2017.
118,900
41,425
$11,300
2,000 Prepare a statement of cash flows
using the indirect method. (Show
9,300amounts that decrease cash flow with 32,125either a - sign e.g. -15,000 or in
6,425parenthesis e.g. (15,000).) Statement of Cash Flows $ Adjustments to reconcile net income to $ $

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