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3. The Fred Proffet Company has been in the contract food service management business for many years. Their clients choose the Proffet Company for its
3. The Fred Proffet Company has been in the contract food service management business for many years. Their clients choose the Proffet Company for its creativity and attention to detail. Allisha McKay is the person who prepares the summary of sources and uses of funds for the Proffet Company. Help her do that by using the balance sheets that follow to calculate the company's sources and uses of funds, using arrows to indicate the differences where appropriate, and then answer the questions that follow. 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
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