Question: Time Warner Inc. (Time Warner) is a media and entertainment company that includes America Online, cable systems, film entertainment, television networks, and publishing. The following

Time Warner Inc. (Time Warner) is a media and entertainment company that includes America Online, cable systems, film entertainment, television networks, and publishing. The following operating results (in millions) are for the years ending December 31:

a. Compute the ratio of cash flow to net income for each year. Round to one decimal place.
b. Is there a significant difference between the ratios for 2004 and 2003? If so, what are some possible causes for thedifference?

2004 Net cash flows from operating activities$6,618 3,364 2003 $6,601 2,639 Net income

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