3. The Fred Prof choose the Pro il cash for Lester's hotel this year? d Proffet Company has been in the contract food service management Business for many years. Their den the Proffet Company for its creativity and attention to detail. isha McKay is the person who prepares the summary of sources and uses of funds for the Proffet Company her do that by using the balance sheets that follow to calculate the company's sources and use of funds, wing indicate the differences where appropriate, and then answer the questions that follow Allisha McKay is the per Help her do that by arrows to indicate the di The Fred Proffet Company Balance Sheets December 31, Last Year and This Year Last Year ($) This Year (5) Uses Sources 350,000 ASSETS Current Assets Cash Marketable Securities Net Receivables Inventories 336,000 1,240,000 1,520,000 844.000 1,200,000 1,550,000 830,000 continued) 188 Chapter 5 The Statement of Cash Flows 950.000 3,900.000 Total Current Assets 1,200,000 120.000 1.500.000 525.000 Property and Equipment Les Accumulated Depreciation Net Property and Equipment 975.000 750,000 4.905,000 4,720.000 TOTAL ASSETS LIABILITIES AND OWNERS EQUITY Current Liabilities Accounts Payable Notes Payable Other Current Liabilities Total Current Liabilities 584,000 154.000 656,000 1,354,000 565.000 90,000 500.000 955,000 Long-Term Liabilities Long-Term Debt Total Liabilities 720.000 2,074,000 1.100.000 2,055,000 300.000 320,000 Owners' Equity Common Stock Paid in Capital Retained Earnings Total Owners' Equity 1.200,000 1,146,000 2,646,000 1,280,000 1.250.000 2.850.000 4.720,000 4.905,000 TOTAL LIABILITIES AND OWNERS' EQUITY TOTAL SOURCES AND USES OF FUNDS a. Did the change in cash reflect a source or a use of funds? What was the amount of that change? b. Did the change in net receivables reflect a source or a use of funds? What was the amount of that change c. Did the change in notes payable reflect a source or a use of funds? What was the amount of that change d. Did the change in retained earnings reflect a source or a use of funds? What was the amount of that change e. What was the total amount of sources and uses of funds