Published by admin on September 15, 2020 TimeInc. Income StatementFortheYearEndedDecember31 2014Sales 450000CostofGoodsSold 300000GrossMargin 150000Less:Operating Expenses 60000DepreciationExpense 17000IncomeTaxes 20000InterestExpenseLoss onsaleofplantassetsNetIncome180003000 118000320001. Thecomparativebalancesheets forTime Companyappearbelow:TimeInc.Comparative BalanceSheets December 31Assets 2014 2013Cash 41000 35000AccountsReceivable 75000 53000Inventories 120000 […]