21. The following information is provided for the Loofa Corporation. Balance Sheets December 31, 2015 December 31, 2014 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,345 $ 21,845 Accounts receivable . . . . . . . . . . . . . . 43,690 49,150 Inventory . . . . . . . . . . . . . . . . . . . . . . . . 114,685 98,300 Equipment . . . . . . . . . . . . . . . . . . . . . . . 101,035 81,920 Less: accumulated amortization . . 24,575 16,385 Net equipment . . . . . . . . . . . . . . . . . . . 76,460 65,535 Total assets . . . . . . . . . . . . . . . . . . . . . . $292,180 $234,830 Liabilities and Equity Accounts payable . . . . . . . . . . . . . . . . $ 46,420 $ 27,305 Taxes payable . . . . . . . . . . . . . . . . . . . . 5,465 10,920 Common stock . . . . . . . . . . . . . . . . . . . 180,220 163,835 Retained earnings . . . . . . . . . . . . . . . . 60,075 32,770 Total liabilities and equity . . . . . . . . . . $292,180 $234,830 During 2015, the following occurred: 1. Net income was $54,610. 2. Equipment was purchased for cash, and no equipment was sold. 3. Shares were sold for cash. 4. Dividends were declared and paid. a. Prepare a statement of cash flows for the Loofa Corporation. 52 Part 2: Financial Analysis and Planning www.tex-cetera.com b. Identify the major accounts contributing to the change in cash position, from the three different components of the cash flow statement.