Use the Kyler Media Corporation data in Short Exercise and the results you calculated from the requirements.

KYLER MEDIA CORPORATION

Income Statement

Year Ended December 31, 2015

Sales Revenue ……………………………..................... $ 80,000

Depreciation Expense––Plant Assets ……..........      5,600

Other Expenses …………………………........................ 49,000

Net Income …………………………………................…. $ 25,400

Prepare Kyler Media’s statement of cash flows—indirect method—for the year ended December 31, 2015.

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KYLER MEDIA CORPORATION Comparative Balance Sheet December 31, 2015 and 2014 2015 2014 Assets Current Assets: Cash $ 4,800 $ 3,800 Accounts Receivable 9,600 4,100 Long-term Assets: Plants Assets 100,350 83,750 Accumulated Depreciation-Flant Assets (22,350) (16,750) Total Assets $ 92,400 $ 74,900 Liabilities Current Liabilities: Accounts Payable $ 9,000 $ 4,000 Long-term Liabilities: Notes Payable 9,000 15,000 Total Liabilities 18,000 19,000 Stockholders' Equity Common Stock 22,000 17,000 Retained Earnings 52,400 38,900 Total Stockholders' Equity 74,400 55,900 Total Liabilities and Stockholders' Equity $ 92,400 $ 74,900