29 Jun Time,Inc. Income Statement
Time,Inc. Income Statement
FortheYearEndedDecember31, 2014
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.
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