Trudeau’s Marine, Inc., reported the following selected amounts in its Financial Statements for the year ended December 31, 2016: 
Requirement 1. Determine the following for Trudeau’s Marine, Inc., during 2016. a. Collections from customers b. Payments for inventory c. Payments of other operating expenses d. Acquisitions of property and equipment; no sales were made during 2016 e. Long-term borrowing, assuming Trudeau’s Marine, Inc., made no payments on long-term liabilities f. Proceeds from issuance of common stock g. Payment of cash dividends
Income Statement 2016 2015 Net Sales. Cost of Goods Sold. Depreciation Expense.. Other Operating Expenses. Income Tax Expense. $768,500 $640,400 459,800 384,200 23,600 25,200 101,400 83,700 37,200 44,600 137,500 111,700 Net Income Balance Sheet 2016 2015 Cash and Cash Equivalents. Accounts Receivable $ 24,600 $ 15,500 3,900 6,400 32,600 28,700 288,100 246,500 13,600 Inventories. Property and Equipment, Net. Accounts Payable. Accrued Liabilities. Long-Term Liabilities Common Stock. 15,900 5,400 190,300 160,300 85,000 7,300 65,000 Retained Earnings 48,700 54,800
