The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100.

Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

End of Year Beginning of Year

Cash $51,200 $47,100

Accounts receivable(net) 36,710 34,810

Merchandise inventory 50,120 52,990

Prepaid expenses 5,630 4,470

Accounts payable 47,970 44,560

Wages payable 26,210 29,110

i) Based on the preceding information, convert relevant information into mathematical forms, consistently appropriate for the task at hand by preparing the Cash Flow from Operating Activities section of the statement of cash flows, using the indirect method.

ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.

iii) Provide an accurate, full and complete explanation and implication of the information presented in (mathematical forms) by explaining the significance of the cash flow statement

iv) Engage in a comprehensive process that uses the quantitative analysis of data as the basis for making judgments, drawing accurate conclusions from this work by providing an opinion of how well the company is doing financially.( for instance was there and net cash inflow or outflow).

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