Examine the information presented below forPerfect Fit Clothing Store'sfirst year of business.

The Vice President of Sales claims the organization had a fabulous first year based on the SCF.The Controller disagrees noting this year was an operating failure and the statement was incorrectly presented with the $109,000 not representing an actual increase in cash.

In your initial post, note who you agree with providing explanations to support your position.

In your replies, note any errors presented and analyze the format of the SCF as presented.