Question
In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answers the accounting problem asks. The accounting
In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answers the accounting problem asks. The accounting problem presents a company's statement of cash flows. The Nice Suit Dry Cleaning Company is in the business of dry cleaning. The statement of cash flows has blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. In doing so, explain the account being valued and its relationship to the other financial data.
For example, if a line in the Operating Activities section was missing, explain that you can derive its value based on knowing other related values. Then explain why this line is reported in the Operating Activities.
Please refer to the statement of cash flows of the Nice Suit Dry Cleaning.
Nice Suit Dry Cleaning Statement of Cash Flows as of December 31, 2014 Cash Flows from Operating Activities Cash received from customers 3,701,327 Cash paid out to suppliers and employees [_____A_____] Interest paid (28,134) Taxes paid (42,046) Net cash provided by operating activities 72,074 Cash Flows from Investing Activities Purchase of equipment (4,272) Net cash used in investing activities [_____B_____] Cash Flows from Financing Activities New loans 50,000 Funds received from lines of credit 26,234 Repayments on loans [_____C_____] Repayments on lines of credit (26,234) Repayment of note (38,501) Net cash used in financing activities (38,501) Net Increase in Cash [_____D_____] Cash balances, beginning of year [_____E_____] Cash balances, end of year 130,366Step by Step Solution
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