Use the Gulf Corp. financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method Additional Information: a. Purchased machinery for $40,000 cash. b. Sold the long-term investment on January 1, 2014 for $14,000. c. Sold machinery for $17,500 cash that had originally cost $61,500 and had $44,000 of accumulated depreciation. d. Issued $59,000 of bonds payable at face value. e. The short-term investment is a treasury bill that was purchased with maturity in 90 days. Gulf Corp. Comparative Balance Sheet Information Assets Cash Short-term investments.. Accounts receivable Merchandise inventory. Long term investment. Machinery. Accumulated depreciation, Total assets Liabilities and Equity Accounts payable. Dividends payable... Bonds payable Share capital Retained earnings. Total liabilities and equity... December 31 2014 304,000 150,000 116,000 103,000 95,300 63,000 73,100 123,000 36,000 0 168,500 190,000 (112,000) (120,000) 644,900 545,000 108,900 2013 66,000 5,000 42,000 0 59,000 293,000 293,000 179,000 144,000 644,900 545,000 Categories: All Headings & Totals Cash Flows Choose an Account or Heading Accounts and Headings: Increase in income taxes payable Increase in merchandise inventory Increase in prepaid expenses Increase in salaries payable Increase in unearned revenues Loss on sale of equipment Loss on sale of furniture Loss on sale of long-term investment Loss on sale of machinery Net cash inflow from financing activities Net cash inflow from investing activities Net cash inflow from operating activities Net cash outflow from financing activities Net cash outflow from investing activities Net cash outflow from operating activities Net income Net increase (decrease) in cash Net loss Search: net Erase Cancel