Below are the condensed balance sheet and income statement for the Beltway Company, Inc. Assuming there were no disposals of fixed assets during the year 2014, provide a statement of cash flows using the direct method for the year ended December 31, 2014.

Condensed balance sheet December 31, 2014

Condensed income statement for year ended December 31, 2014

Assets: Current assets Cash Accounts receivable Inventory Prepaid insurance Property plant and equipment Accumulated depreciation Net PP&E Total assets Liabilities: Accounts payable Wages payable Interest payable Taxes payable Long-term debt Common stock Retained earnings 2013 8 53 52 5 140 (45) 95 213 35 12 5 3 92 50 16 213 2014 25 58 40 3 150 (55) 95 211 21 16 2 4 92 60 26 211 Sales COGS Operating expenses: Wages Utilities Insurance Depreciation Operating income Interest Income before tax Tax Net income 480 328 103 11 3 10 25 12 13 3 10