E11-32B. (Learning Objectives 3, 4, 5: Interpreting a statement of cash flows—indirect method) Daisy is reviewing her nieces’ cash flows. April, May, and June all report the same income number (€12,000) and bought the same equipment (€98,000) during the year. Explain how April, May, and June fund their respective PPE purchase. Whose cash flow would you rate as the best? The worst?

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