REAL WORLD EX 15-1 Cash Flows from Operating Activities-Net Loss Obj. 1 In a recent year, J. C. Penney Company, Inc. (JCP) reported a net loss of $268 million from operations. However, on its statement of cash flows, it reported $428 million of net cash flows from operating activities. Explain this apparent contradiction between the loss and the positive cash flows. asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, it is provided as an aid in determining amounts for the statement. REAL WORLD EX 15-1 Cash Flows from Operating Activities-Net Loss Obj. 1 In a recent year, J. C. Penney Company, Inc. (JCP) reported a net loss of $268 million from operations. However, on its statement of cash flows, it reported $428 million of net cash flows from operating activities. Explain this apparent contradiction between the loss and the positive cash flows. asterisk (*) will appear to the right of an incorrect entry. The optional work sheet will not be graded, it is provided as an aid in determining amounts for the statement