Time,Inc_Statement of Cash Flows Time,Inc_Statement of Cash Flows Question Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW Time,Inc. Income Statement FortheYearEndedDecember31, 2014 Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW Sales 450,000 Costof GoodsSold 300,000 GrossMargin 150,000 Less: Operating Expenses 60,000 DepreciationExpense 17,000 IncomeTaxes 20,000 InterestExpense Loss onsaleofplantassets NetIncome 18,000 3,000 118,000 32,000 1. Thecomparativebalancesheets forTime Companyappearbelow: Time,Inc.Comparative BalanceSheets December 31 Assets 2014 2013 Cash 41,000 35,000 AccountsReceivable 75,000 53,000 Inventories 120,000 132,000 PrepaidExpenses 19,000 25,000 Investments 100,000 75,000 Plant assets 325,000 250,000 AccumulatedDepreciation TotalAssets (65,000) (60,000) 615,000 510,000 Liabilities&Equity AccountsPayable 93,000 75,000 AccruedExpenses 29,000 24,000 BondsPayable 120,000 160,000 CommonStock 275,000 170,000 RetainedEarnings TotalLiabilities &Equity 98,000 81,000 615,000 510,000 Additional information 1. Newplantassetscosting$100,000 werepurchasedwithcash. 2. Investmentswerepurchasedwithcash. 3. Oldplantassetscosting$25,000 andwithabookvalueof$13,000 weresoldfor$10,000 cash. 4. Bonds with afacevalueof$40,000 wereconvertedinto$40,000 parvalueofcommonstock. 5. Commonstockwasissuedforcash. 6. Acashdividendof$15,000 was declaredandpaidduringtheyear. Required Prepareastatementofcash?owsfortheyearusingtheindirectmethod.