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2 (16 marks) The following information, in millions of dollars, has been reported by Maple Mills Inc. on its year-end financial statements for the years
2 (16 marks) The following information, in millions of dollars, has been reported by Maple Mills Inc. on its year-end financial statements for the years ended December 31, 2014 and December 31, 2013: Statements of Financial Position 2014 2013 Cash $178 $152 Trade Receivables 68 48 Inventory 56 64 Prepayments 24 20 Equipment 272 308 Accumulated Depreciation -160 -192 Total Assets $438 $400 Trade Payables $48 $76 Income Taxes Payable 6 8 Long-term Notes Payable 50 40 Contributed Capital 230 200 Retained Earnings 104 76 Total Liabilities & Shareholders' Equity $438 $400 Statement of Income Sales Cost of Sales Gross Profit Depreciation Expense Other Operating Expenses Income from Operations Gain on Sale of Equipment Income before Income Tax Income Tax Expense Net Income 2014 $292 -168 Additional Information: Old equipment was sold for cash during 2014. It had an original cost of $80, and accumulated depreciation of $56. Required Prepare a Statement of Cash Flow for Maple Mills Inc. for the year ended December 31, 2014 using the indirect method. Space is provided on the next page for your response
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