The comparative balance sheet of Fitzwater Company at March 31, 2009, reported the following:

Fitzwater's transactions during the year ended March 31, 2009, included the following:

Requirements 

1. Prepare Fitzwater's statement of cash flows for the year ended March 31, 2009, using the indirect method to report cash flows from operating activities,

2. Evaluate Fitzwater's cash flows for the year. Mention all three categories of cash flows and give the reason for your evaluation.

Transcribed Image Text:

March 31, 2009 2008 Current Assets: Cash and cash equivalents........... $22,200 $15,000 Accounts receivable........... 14,900 21,700 Inventories. 63,200 60,600 Current Liabilities: Accounts payable........ $30,100 $27,600 Accrued liabilities. 10,700 11,100 Income tax payable......... 8,000 4,700