The accounting team of Garry Inc. has assembled the Following information for the year ended December 31,

71’000

I need to use this information for the preparation of a statement of cash flows. In this regard, it is required to include a proper heading for the financial statement, and classify the given information into the categories of operating activities, investing activities, and financing activities.

I also need to determine net cash flows from operating activities by the direct method. Brackets need to be placed around the dollar amounts of all cash disbursements.

Ga rry Inc.Statement of CashflowsFor the Year Ended December 31, 2017 Cash flows from Operating Activities Cash Receipts from Customers 795,000Cash Paid to Supplies and Employees 7 (635,000)…