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Please answer End of Chapter Question 7.16 Three sisters formed a partnership, SkinDeep, to sell skincare products made from organic ingredients. They have been operating
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End of Chapter Question 7.16 Three sisters formed a partnership, SkinDeep, to sell skincare products made from organic ingredients. They have been operating for one year. The bank balance at the end of the year is $55,000. A summary of business transactions is as follows: Sales to customers $256,000 Receipts from customers Payments for inventory 204,000 97,000 Payments for electricity, telephone, rent and insurance 5,000 Purchase of a motor vehicle 31,000 Drawings 50,000 8,000 Payment of interest 21,000 Loan proceeds Interest received 1,000 Equity injection 20,000 Prepare a statement of cash flows. (Show amounts that decrease cash flow with eithera -sign e.g.-15,000 or in parenthesis e.g. (15,000). Do not leave any answer fields blank instead enter O as the amount.) a - sign eg.-15,000 or in SkinDeep Statement of cash flows for the yearStep by Step Solution
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