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Please help:) Soht Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income statemont are presonted below,
Please help:) Soht Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income statemont are presonted below, along with additonal infocmation. Additional Data: a. Bought new golf clubs using cash, $1,200. b. Borrowed $1.300 cash from the bank during the year c. Accounts Payable includes only purchases of services made on credit for operating purposes: Because there are no liability accounts relating to income tax, assume that income Tax Expense was fully paid in cash. Required: 1. Prepare the statement of cash flows for the current year ended Docember 31 using the direct method. TIP: Remember to exclude depreciation expense when converting to the cash basis. (Amounts to be deducted should be indicated with a minus sign.)
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