For this assignment, prepare and submit a Statement of Cash Flows for the Year ended 12/31/2014. Use the indirect method.

2014 Income Statement 2014 Balance Sheet Revenues 375,000 12/31/2014 12/31/2013 90,000 Cost of Goods Sold Gross Profit 285,000 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Merchandise Inventory Prepaid Rent - Building Prepaid Rent - Van Office Supplies Total Current Assets 4,200 180,000 2,750 12,000 3,500 3,000 1,000 183,050 73,000 0 162,000 0 0 1,500 419,550 114,800 0 4,200 252,000 6,000 0 0 377,000 Insurance Expense Salary Expense Rental Expense - Van Rental Expense - Building Supplies Expense Advertising Expense Interest Expense Total Expenses Pre Tax Income (Loss) Income Tax Expense (Benefit) Net Income (Loss) Noncurrent Assets Land Total Assets 45,000 464,550 377,000 206,450 78,550 27,493 51,058 Liabilities and Shareholders' Equity Current Liabilities Dividends Payable Taxes Payable Advances from Customers Accounts Payable Salaries Payable Total Current Liabilities 20,423 27,493 10,000 240,000 15,000 312,916 0 0 45,000 252,000 0 297,000 Income Tax Expense (Benefit) Net Income (Loss) 27,493 51,058 Liabilities and Shareholders' Equity Current Liabilities Dividends Payable Taxes Payable Advances from Customers Accounts Payable Salaries Payable Total Current Liabilities 20,423 27,493 10,000 240,000 15,000 0 0 45,000 252,000 0 0 297,000 312,916 Notes Payable Interest Payable Total Liabilities 40.000 1,000 353.916 0 0 297,000 Common Stock Additional Paid-In Capital Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 16,000 64.000 30,635 110,635 464,550 16,000 64,000 0 80,000 377,000