The income statement for the year ended December 31, 2014, as well as the balance sheets as of December 31, 2014, and December 31, 2013, for Lucky Lady Inc. follow. This information is taken from the financial statements of a real company whose name has been disguised(.)

Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2014, in as much detail as possible. For example, borrowing and repayment, if any, should be shown separately as financing inflow and outflow, respectively. Similarly, to the extent that information is available, separately disclose and explain the changes to each asset and each liability account that affected Lucky Lady’s cash flows during 2014.

  • CreatedSeptember 10, 2014
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