Question: Exercise 7-2: Answer the following questions about the cash flow statement. Use the following abbreviations to identify the financial statements: P& L (Profit and Loss);

Exercise 7-2: Answer the following questions about the cash flow statement. Use the following abbreviations to identify the financial statements: P& L (Profit and Loss); BS (Balance Sheet); CFS (Cash Flow Statement.)

1. Net income is shown on which financial financial statement(s)? _____________ 2. Total cash is shown on which financial financial statement (s)? _____________ 3. Gross profit is shown on which financial Financial statement(s)? _____________ 4. Retained earnings is shown on which financial statement(s) _______________ 5. Withdrawals are shown on which financial statement(s). _______________ ANALYSIS QUESTION: Explain Fabrikam, Inc.’s business type. (a)

What are some examples of this type of business?

(b) Does Fabrikam, Inc. sell inventory? Explain your answer.

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