606 880 Prepare Ajax's statement of cash flows for 2015 based on the following financial statements Ajax Inc. Balance Sheet 2015 2014 Diff. Ajax Inc. Income Statement 2015 Statement of Cash Flows Assets Cash $ 433 $ 120 $ 313 Revenue $ 720 Accounts receivable 230 220 10 Cost of goods sold (410) Inventory 96 75 2 General and administrative (35) Property, plant & equipment 905 300 Depreciation expense (70) Accumulated depreciation (210) (140) (70) Income tax expense Total Assets $ 1,453 $ Net Income Liabilities and Equity Accounts payable 80 Unearned revenue 60 Loan Payable 310 Common stock 600 600 Retained eamings 335 Total Liabilities and Equity $ 1453 $ Worksheet Income Statement Adjustments Cash Flows $ 123 148 88 310 123 212 880 2015 2014 Dife. Ajax Inc. Income Statement 2015 Statement of Cash Flows Ajax Inc. Balance Sheet Assets Cash Accounts receivable Inventory Property, plant & equipment Accumulated depreciation Total Assets 433 230 95 905 -210 1.453 120 220 75 605 - 140 880 313 Revenue 10 Cost of goods sold 20 General and administrative 300 Depreciation expense -70 Income tax expense 720 -410 -35 -70 -82 Net Income 123 68 80 148 60 0 Liabilities and Equity Accounts payable Unearned revenue Loan Payable Common stock Retained earnings Total Liabilities and Equity 310 600 335 1,453 0 600 212 880 Worksheet 60 310 0 123 Income Statement Adjustments Cash Flows * The only non-operating cash flows are the purchase of a new equipment and a new loan