Refer to the information for Kitchenware Inc in AP5 5
Refer to the information for Kitchenware Inc. in AP5– 5.
In Problem
Required:
1. Prepare a statement of cash flows for Kitchenware Inc. for the year ended December 31, 2015. Use the direct method to report cash flows from operating activities.
2. Discuss the importance of the statement of cash flows to users of financial statements. What additional information does it provide that is not reported in the other financial statements? Explain by referring to the statement that you prepared in (1) above.
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