Time Company_Statement of Cash Flow
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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 withafacevalueof$40,000 wereconvertedinto$40,000 parvalueofcommonstock.
5. Commonstockwasissuedforcash.
6. Acashdividendof$15,000 wasdeclaredandpaidduringtheyear.
Required
Prepareastatementofcashflowsfortheyearusingtheindirectmethod.
13 years ago
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time_company__cash_flow_statement.docx
