The comparative balance sheet of Morston Educational Supply at December
The comparative balance sheet of Morston Educational Supply at December 31, 2016, reported the following:
Morston’s transactions during 2016 included the following:
Requirements
1. Prepare the statement of cash flows of Morston Educational Supply for the year ended December 31, 2016. Use the indirect method to report cash flows from operating activities.
2. Evaluate Morston’s cash flows for the year. Mention all three categories of cash flows, and give the reason for your evaluation.
3. If Morston plans similar activity for 2017, what is its expected free cash flow?
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