The owner of a small business has asked you to make a

Reference no: EM13390374

The owner of a small business has asked you to prepare a statement that will show him where his firm's cash came from and how it was used this year. He gives you the following information based on the Cash account in his general ledger:

In addition, the following is available from company records:

1. Sales were $61,410 for the year.

2. The Accounts Receivable balance decreased by $690.

3. Cash operating expenses totaled $54,165 (including cost of sales, supplies, rent, utilities, part-time help, and other miscellaneous expenses).

4. Accounts Payable decreased by a net of $2,760 during the year.

5. The Inventory balance remained constant throughout the year.

6. Depreciation of $1,725 was taken this year.

Required:

Prepare a cash flow statement using the direct method.

Reference no: EM13390374

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