In this problem we continue our accounting for Aqua Elite
In this problem, we continue our accounting for Aqua Elite, Inc. from Chapter 10. We will assume that Aqua Elite, Inc. is now in its second year of operations.
Assume that the comparative balance sheet for Aqua Elite, Inc. at July 31, 2015, and the income statement for the month ended July 31, 2015, are as follows.
Additional information follows:
Aqua Elite, Inc. purchased a $20,000 truck financed with a note payable; it purchased a $45,000 building site financed with a mortgage payable; and it did not sell any fixed assets during the month.
Requirement
Prepare the cash flow statement using the indirect method for the month of July.
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