LO1 EXERCISES E7.1 Distinguish cash flows from assets. As a recent graduate of a fashion design and business degree, Edith Leung is planning to buy a fashion boutique from Keitha Jones, a family friend. Following are selected items from the financial records of the fashion boutique: Credit card sales $56000 GST receivable $ 3800 Inventory Cash at bank 8760 Outstanding bank loan Accounts payable 8 400 Loan payment 5 800 Cash sales 18500 Rent payable 2400 Accounts receivable 6 800 Operating expenses paid 24 000 Payment to suppliers 16 000 28 000 12 000 Required (a) Calculate (1) cash inflows, (ii) cash outflows, (iii) assets and (iv) liabilities for Keitha Jones's fashion boutique. (b) Based on requirement (a), what can Edith infer in relation to purchasing the fashion boutique