You are the CFO for T&J inc. Together with T and J, the company’s two shareholders

You are the CFO for T&J inc. Together with T and J, the company’s two shareholders, you are examining the following statement of cash flows which they prepared for T&J inc. for the year ended January 31, 2015.T& J INC.Statement of Cash FlowsFor the Year Ended January 31, 2015Sources of cashFrom sales of merchandise$380,000From sale of capital stock410,000From sale of investment (purchased below)80,000From depreciation55,000From issuance of note for truck20,000From interest on investments6,000Total sources of cash951,000Uses of cashFor purchase of fixtures and equipment320,000For merchandise purchased for resale258,000For operating expenses (including depreciation)160,000For purchase of investment75,000For purchase of truck by issuance of note20,000For purchase of treasury stock10,000For interest on note payable3,000Total uses of cash846,000Net increase in cash$105,000T claims that this statement of cash flows is an excellent portrayal of a superb first year with cash increasing $105,000. J replies that it was not a superb first year. Rather, he says, the year was an operating failure as the statement is presented incorrectly and $105,000 is not the actual increase in cash. The cash balance at the beginning of the year was $140,000.InstructionsA. Using the data provided, prepare a statement of cash flows using the indirect method. The only noncash item in the income statement is depreciation. The purchase/sale of the investment and any resulting gain/loss are investing (not operating) activities. Hint: You may need to figure out net income for the year.B. With whom do you agree, T or J? Explain your position.

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