Prepare statement of cash flows using the indirect method. The income statement for 2014 and the balance sheets for 2014 and 2013 are presented for Hoover Industries, Inc.

Requirement

Prepare a statement of cash flows for Hoover Industries, Inc, for the year ended December 31, 2014, using the indirect method.

Prepare the statement one section at a time. (Use parenthesis or a minus sign for numbers to be subtracted and for net cash

Hoover Industries, Inc. Comparative Balance Sheets December 31, 2014 and 2013 Assets 2014 2013 Current assets: Cash Accounts receivable Inventory Prepaid insurance $471,000 $ 290,000 129,000 214,000 4,500 $880,500 $ 637,500 74,000 327,000 8,500 Total current assets $610,000 $ 565,000 Property, plant, and equipment Less: Accumulated depreciation Investments Total assets 108,000o) 71,000 $1,427,500 $ 1,165,500 (151,000) 88,000