Maritime Marine Services
Selected Data from the Financial Statements for the Years

question 55

Essay

Maritime Marine Services
Selected data from the financial statements for the years ended December 31,2014 and 2013,are presented below:
$\begin{array}{lll} \text { (in thousands) }&\underline{ 2014 }&\underline{ 2013 }\\\text { Property, plant and equipment } &\$ 14,100 & \$ 12,20 \\\text { Accumulated depreciation } &4,900 & 4,700 \\\text { Investuments } &450 & 240 \\\text { Short-term debt } &55 & 57 \\\text { Long-term debt } &1,500 & 1,200 \\\text { Common stock } &597 & 567 \\\text { Treasuy-common stock } &(21) & (21) \\\text { Retained earnings } &3,522 & 3,426 \\\text { Net income } &770 & 713\end{array}$

-The following additional information was obtained from the company's records:
1. Cash additions to property, plant, and equipment during 2014 were $\$ 2,300$ . An additional $\$ 250$ of plant assets were acquired through debt in a noncash transaction. Depreciation expense for 2014 was $\$ 400$ . Gains on disposals of property, plant and equipment during 2014 were $\$ 40$ .
2. The cash proceeds from the sale of investments in 2014 was $\$ 120$ . There was a $\$ 30$ gain on the sale of the investments.
3. Proceeds from long-term debt issued during 2014 was $\$ 200$ .
4. The issuance of common stock totaled $\$ 30$ in 2014 . Refer to Maritime Marine Services.What was the amount of cash dividends paid during 2014?

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Definitions:

British Navigation Acts

A series of laws enacted by the British Parliament that regulated trade and commerce between England and its colonies.

Wealth of Nations

A seminal work by economist Adam Smith published in 1776, which lays out the foundational concepts of classical economics, including the division of labor and free market principles.

John Locke

A 17th-century English philosopher known for his contributions to liberalism, political theory, and his theories of mind and consciousness.

Abolition

The movement to end slavery and the slave trade, which gained momentum in the 19th century and led to the emancipation of slaves, especially in the Western world.