Statement of Cash Flows Explained (38

Statement of Cash Flows
The Statement of Cash Flow, the fourth financial statement
required by GAAP, discloses
how a corporation receives and spends cash. The module also
introduces comparative
analysis, using horizontal and vertical techniques as well as
standard financial ratios.
The Statement of Cash Flows
The fourth and last major financial statement for corporations is
the Statement of Cash
Flows. Along with the Income Statement, Balance Sheet, and
Statement of Stockholders'
Equity, the Statement of Cash Flows provides a consistent
format for analyzing external
financial information across organizations.
Purpose of the Statement
As its name implies, the Statement of Cash Flows presents
where a corporation received
cash (cash receipts) and where it spent cash (cash payments)
during the fiscal year.
The statement has four major purposes:
• used to predict future cash flows and if bills can be paid
• used to determine if good financial investment decisions are
being made by
management

• identifies if stockholder dividends can be paid to investors
• used to evaluate the relationship between changes in cash
position and net income
The Statement of Cash Flows consists of three sections:
operating activities, investing
activities, and financing activities. Each section or activity
generates and/or uses cash.
For example:
cash is generated by:
• operating activities (receipts)
• investing activities (use of assets)
• financing activities (borrowing)
cash is used:
• operating activities (expenses to generate revenues)
• investing activities (purchase of assets)
• financing activities (repayment of long-term debt and equity
payments)
Operating activities generate revenues and expenses. This
source of cash is the most
important since it is derived from the main purpose of a
corporation’s existence.
Investing activities deal with long-term assets. For example,
the purchase of a new
machine would be an investing activity. Financing activities
generate cash from
investors and creditors. If long-term debt were issued an inflow

of cash would occur.
The issuance of additional stock would also generate cash while
the retirement of long-
term debt would be a use of cash.
The preparation of the statement involves using the other three
financial statements
(Income Statement, Balance Sheet, and Statement of
Stockholders' Equity) and making
certain adjustments to shift focus from the accrual basis of
accounting to the cash basis of
accounting.
The Financial Accounting Standards Board (FASB) has
approved two methods of
preparing the Statement of Cash Flows: (1) the direct method,
preferred by GAAP, and
(2) the indirect method, most often used by corporations.
Direct Method
The direct method provides more information and analyzes all
activities that increase or
decrease cash. As with the indirect method, activities that
increase or decrease cash are
first identified. Then each activity is identified as being either
an operating, investing or
financing activity. Lastly, the cash effect is determined –
whether the transaction
generated or used cash.
The direct method differs from the indirect method in its
calculation of cash flows from
operating activities. The direct method accounts for income-
generating operating

activities by:
• actual cash collected (income statement sales revenue adjusted
for A/R)
• interest received (adjust for interest receivable)
• dividends received (adjust for dividend receivable)
The direct method accounts for expense-generating operating
activities by:
• payments to suppliers (adjust for inventory and accounts
payable)
• employee expenses (adjust for salaries and wages payable)
• operating expenses (adjust for prepaid and accrued liabilities)
• interest and taxes (adjust for interest and taxes payable)
Indirect Method (with examples)
The indirect method does not report the detailed operating cash
flow that the direct
method does. Instead, it begins with the net income from the
income statement and adds
and subtracts the appropriate information to determine the cash
increase or decrease over
a fiscal period.
Operating activities – non-cash transactions
The indirect method begins with net income and makes
adjustments for non-cash
activities such as:
• depreciation
• depletion
• amortization

• loss, disposal, or exchange of long-term assets
- gain or disposal of long-term assets
Depreciation, depletion and amortization expenses are added
back to net income because
these expenses did not actually cause the outflow of cash during
the fiscal year. While
cash may have been used when a long-term asset was purchased,
there was no actual
outflow of cash in subsequent periods. Depreciation expense is
charged under the accrual
basis of accounting to spread the cost of an asset over its life
but it is not a use of cash for
the purpose of the cash flow statement and is added back.
Depreciation is the allocation of cost over the useful life of a
long-term asset. Using the
straight-line method of depreciation, if machinery had a cost of
$100,000 and were
expected to be used for 10 years, depreciation expense would be
$10,000 per year. The
journal entry at the end of the year would be:
Date Account Debit Credit
Dec 31 Depreciation expense 10,000
Accumulated Depreciation 10,000
When preparing the Statement of Cash Flows, an adjustment of
$10,000 would be made
to net income because cash was not actually used to pay
depreciation expense.

Consequently, $10,000 is added back to net income.
Loss or gain on the disposal of long-term assets is also included
as a non-cash transaction
under the operating activity section. Consider the journal entry
to record the sale of
outdated machinery for $200,000 that had originally cost
$500,000 and current book
value of $275,000.
Dec 10 Cash 200,000
Loss on Disposal 75,000
Machinery 500,000
The income statement prepared at year-end would show a loss
on disposal of $75,000.
For the Statement of Cash Flows, an adjustment would be made.
The loss represents a
non-cash transaction since $75,000 did not actually flow out of
the corporation; the sale
actually generated $200,000 of cash (which will be shown under
financing activities).
Consequently, the $75,000 loss on disposal would be added
back to the net income figure
on the Statement of Cash Flows.
Any gains on the sale of long-term assets is treated just the
opposite. Consider the same
piece of equipment being sold for $300,000. The journal entry
would show a gain of

$25,000.
Dec 10 Cash 300,000
Machinery 500,000
Gain on Disposal 25,000
The income statement prepared at year-end would show a gain
on disposal of $25,000.
However, there wasn’t an inflow of cash in the amount of
$25,000. The cash generated
by the sale was $300,000 that will be shown under financing
activities. Consequently,
the $25,000 gain on disposal would be deducted from the net
income figure on the
Statement of Cash Flows to properly show the cash generated by
operating activities.
Depreciation expense example
The partial presentation of the Statement of Cash Flows for the
Highland Corporation
with a net income of $830,000 under the indirect method would
appear as:
Statement of Cash Flows (partial)
For the Year Ended December 31, 2006
Cash flows from operating activities:
Net Income $830,000
Adjustments to reconcile net income to net cash:

Depreciation Expense $10,000
Loss on Disposal example
appear as:
Net Income $830,000
Loss on sale of machinery 75,000
Gain on Disposal example
appear as:

Net Income $830,000
Gain on sale of machinery (25,000)
Operating activities – current asset and liability accounts
After adjusting for expenses that reduce net income but not cash
and losses and gains that
affect net income but not cash, current asset and current
liability accounts need to be
analyzed under the indirect method. Adjustments are necessary
because these accounts
affect net income, prepared under the accrual method of
accounting, and cash flow
differently. The adjustments to net income consist of:
• adding decreases in current assets other than cash
• subtracting increases in current assets other than cash
• adding increases in current liabilities
• subtracting decreases in current liabilities
To analyze the current asset and liability accounts, the current
year’s balance sheet and
the prior year’s balance sheet are needed.
Accounts receivable is a current asset. If the prior year’s

balance sheet showed accounts
receivable of $120,000 and this year’s balance of $105,000,
then the account balance has
decreased by $15,000. The decrease in accounts receivable is
added back because it
contributed to an increase in cash availability of $15,000 that is
not reflected in the net
income figure that was prepared under the accrual basis of
accounting. (See presentation
example below.)
Inventory is another current asset account. If the prior year’s
balance sheet showed a
balance of $230,000 and this year’s shows a balance of
$257,000, then the account
balance has increased by $27,000. The increase in inventory is
subtracted because the
net increase was a use of cash of $27,000 that is not reflected in
the net income figure
that was prepared under the accrual basis of accounting. (See
presentation example
below.)
Accounts payable is a current liability account. If the prior
year’s balance sheet showed a
balance of $170,000 and this year’s shows a balance of
$203,000, then the account
balance has increased by $33,000. The increase in accounts
payable is added back
because net income was reduced $33,000 more than actual cash
payments. (See
presentation example below.)
Accrued salaries is another current liability account. If the
prior year’s balance sheet
showed accrued salaries of $35,000 and this year’s shows a

balance of $26,000, then the
account balance has decreased by $9,000. The decrease in
accrued salaries is subtracted
because the net decrease of $9,000 was a use of cash that is not
reflected in the net
income figure that was prepared under the accrual basis of
accounting. (See presentation
example below.)
The operating activities section of the Statement of Cash Flows
is completed after taking
into account the non-cash transactions and analyzing all the
current accounts. (See
presentation example below.)
Presentation Examples for current asset and liability accounts
for the Highland
Corporation with net income of $830,000 using the indirect
method:
Accounts Receivable
Net Income $830,000

Decrease in accounts receivable 15,000
Inventory
Net Income $830,000
Increase in inventory (27,000)
Accounts Payable
Net Income $830,000
Increase in accounts payable 33,000

Accrued Salaries
Net Income $830,000
Decrease in accrued salaries (9,000)
Summer of Examples for the Highland Corporation - Operating
Activities
The following is a summary of the operating activities for the
previous examples to include the depreciation & loss on the sale
of machinery:
Net Income $830,000

Decrease in accrued salaries (9,000) 97,000
Net cash provided by operating activities $927,000
Investing activities
Information on a company’s investing activities is shown after
the operating activities.
This is where the purchase or sale of plant assets and
investments are shown.
Earlier in the module was a journal entry to record the sale of
outdated machinery for
$200,000 that had originally cost $500,000 and current book
value of $275,000.
Dec 10 Cash 200,000
Loss on Disposal 75,000
Machinery 500,000
The loss on disposal of $75,000 was included under the
operating section of the
statement. The sale of the machinery whether or not a gain or
loss occurs, still generates
cash that would be included under the financing section. In
this case, cash of $200,000
was received. (See presentation example below.)
Presentation examples for investing activities for the Highland

Corporation:
Sale of Machinery
Cash flows from investing activities:
Proceeds from sale of machinery $200,000
Financing activities
Financing activities are shown in the third section of the
statement. Transactions
involving a company’s stock and long-term debt are included
here. Consider the issuance
of $3,000,000 of long-term bonds issued at a discount for
$2,800,000. The journal entry
at the time of issuance is:
Jan 1 Cash 2,800,000
Discount on Bonds Payable 20,000
Bonds Payable 3,000,000
The cash proceeds from issuing the bonds of $2,800,000 would
be shown on the
statement under financing activities. (See presentation example
below.)
The issuance of stock is another financing activity; the purchase
or reissuing of treasury
stock is also a financing activity. If $500,000 of treasury stock
is purchased by the

company during the year this needs to be included in the
statement. The payment of
$120,000 of dividends is another financing activity that needs to
be disclosed as does any
transactions involving treasury stock. (See presentation example
below.)
Presentation examples for financing activities for the Highland
Corporation:
Cash flows from financing activities:
Proceeds from issuance of bonds $2,800,000
Purchase of treasury stock (500,000)
Payment of cash dividends (120,000)
The summary of the prior examples for the Highland
Corporation will yield a
completed financial statement. The Statement of Cash Flows for
the Highland
Corporation, using the examples above, would appear as:
Net Income $830,000

Decrease in accrued salaries (9,000) 97,000
Net cash provided by operating activities $927,000
Cash flows from investing activities:
Proceeds from sale of machinery $200,000
Net cash provided by investing activities 200,000
Cash flows from financing activities:
Proceeds from issuance of bonds $2,800,000
Purchase of treasury stock (500,000)
Payment of cash dividends (120,000)
Net cash provided by financing activities 2,180,000
Net increase in cash $3,307,000
Cash at beginning of period 635,000
Cash at end of period $3,942,000
Highland Corporation’s Statement of Cash Flows indicates that
the company is healthy.
Its operating activities generated close to a million dollars and
its overall cash position
increased. If there had been a negative cash flow, further
investigation would be
necessary.
The Consolidated Statements of Cash Flows for the Colgate-
Palmolive Company from

the 2005 Annual Report is presented below. Here you can see
the three sections dealing
with the different activities. Colgate-Palmolive uses the
indirect method.
Consolidated Statements of Cash Flows
Dollars in Millions Except Per Share Amounts the years ended
December 31, 2005 2004
For the years ended December 31, 2005 2004 2003
Operating Activities
Net income $1,351.4 $1,327.1 $1,421.3
Adjustments to reconcile net income to net cash provided
by operations
Restructuring, net of cash 111.6 38.3 53.8
Depreciation and amortization 329.3 327.8 315.5
Gain before tax on sale of non-core product lines and
other
Investment activities (147.9) (26.7) (107.2)
Deferred income taxes 30.8 57.7 (48.80
Cash effects of changes in:
Receivables (24.1) (5.6) (14.4)
Inventories (46.8) (76.1) (3.1)
Accounts payable and other accruals 193.8 109.4 188.7
Other non-current assets and liabilities (13.7) 2.4 (38.1)
Net cash provided by operations 1,784.4 1,754.3 1,767.7
Investing Activities
Capital expenditures (389.2) (348.1) (302.1)
Payment for acquisitions, net of cash acquired (38.5) (800.7) -
Sale of non-core product lines 215.6 37.0 127.6
Purchases of marketable securities and investments (20.0)

(127.7) (43.2)
Proceeds from sales of marketable securities and
investments
10.0 147.3 85.1
Other 1.4 1.8 15.0
Net cash used in investing activities (220.7) (1,090.4)
(117.6)
Financing Activities
Principal payments on debt
Proceeds from issuance of debt 2021.9 1,246.5 229.2
Payments to outside investors (89.7) - -
Dividends paid (607.2) (536.2) (506.8)
Purchases of treasury shares (796.2) (536.9) (554.9)
Proceeds from exercise of stock options 47.1 70.4 79.3
Net cash used in financing activities (1,524.4) (611.10
(1,557.2)
Effect of exchange rate changes on cash and cash
equivalents
(18.2) 1.5 4.5
Net increase in cash and cash equivalents 21.1 54.3 97.4
Cash and cash equivalents at beginning of year 319.6 265.3
167.9
Cash and cash equivalents at end of year $ 340.7 $ 319.6 $
265.3
Supplemental Cash Flow Information
Income taxes paid $ 584.3 $ 593.8 $ 498.1
Interest paid 149.9 123.2 131.5

Principal payments on ESOP debt, guaranteed by the
Company
37.0 29.8 23.5
References
Colgate-Palmolive Company (2006). Accelerating global
growth: Colgate-Palmolive
2005 annual report. New York: Acme Printing.
Developer: Jane Pelletier, CPA
Reviewer: Michael J. Motes, CPA
Financial Statement Analysis
Managers, investors and lenders need to make informed
decisions. They do
this through financial analysis of a corporation’s four financial
statements.
Financial analysis examines corporate financial data using a
variety of
techniques: horizontal, vertical, and ratio. The objectives of
financial
statement analysis will be different for investors and creditors.
Investors
are interested in dividends and an increase in the stock price.
Creditors
want to know if there will be enough cash to make interest
payments and

repay the principal on long-term debt. However, both groups
use the
financial statements to predict future returns and evaluate risks.
Horizontal Analysis
Horizontal analysis measures percentage changes in
comparative
statements. It could be used to measure a particular aspect of a
business’s
operations, such as net sales, from one period to the next. The
calculation
involves two steps:
1. Numerator: calculate the change in dollars from the prior or
base year
to the current year
2. Denominator: divide the dollar change by the base year
3. The base year is always the year we are measuring from.
The formula for Horizontal analysis is:
$ Year 2 - $Year 1
$ Year 1
Consider a company that had net sales of $1,200,00 during the
prior year
and $1,850,000 for the current year. Horizontal analysis shows
that net
sales increased 54% over the prior year. The percentage is
calculated by:

$1,850,000 - $1,200,000
$1,200,000
= 54% increase
If sales decreased to $1,670,000 during the third year,
horizontal analysis
would show a 67 decrease in sales from the prior year:
$1,670,000 - $1,850,000
$1,850,000
= 9.7% decrease from the prior year
Percentage changes aren’t computed if the base year amount is
zero or
negative.
Trend Percentages
Trend percentages are a form of horizontal analysis. They show
the trend in
a particular financial statement item over a number of years.
Trends
percentages are calculated by:

1. Selecting a base year (the earliest year being analyzed) and
comparing each subsequent year to the base year. The base year
percentage is always 100%.
2. Dividing each year’s dollar amount by the base year dollar
amount to
calculate a percentage.
The formula for trend percentages is:
Current Year Amount
Base Year Amount
The net sales for Colgate-Palmolive Company, taken from its
2005 Annual
Report, for the years 2005, 2004 and 2003 are:
2005 2004 2003
$11,397 $10,582 $9,903
Percentages from trend analysis show:
2005 2004 2003
115.0% 106.9% 100.0%
The percentages reflect a steady increase of about 7% per year.
Management at this point may consider this to be a healthy sign

for this
company. To place percentages in a more useful context, it
helps to analyze
other accounts at the same time. For example, when studying
the change in
net sales, also consider the trends in cost of goods sold and
gross margin.
Vertical Analysis
Vertical analysis shows the relationship of each financial
statement item to
some total on a financial statement. On the income statement,
each item is
shown as a percentage of net sales by dividing the number on
the income
statement by net sales (the denominator). On the balance sheet,
each item
is shown as a percentage of total assets (the denominator).
Consider Highland Corporation’s Income Statement:
Net Sales $1,850,000
Cost of goods sold 1,245,000
Gross margin $605,000
Operating expenses 323,000
Selling expenses 120,000
Net income before taxes $162,000
Taxes 64,800
Net income $97,200
If net sales represents 100%, then cost of goods would be 67.3%
($1,245,000/$1,850,000) of net sales. Net income of $97,200

would be
5.3% ($97,200/$1,850,000) of net sales.
Vertical analysis can be used to show the relative size of the
various
elements on a financial statement and to see if there are any
significant
changes over time.
Common-size Financial Statements
Common-size financial statements are a type of vertical analysis
showing an
income statement or balance sheet in percentages. The net sales
percentage will always be 100%.
If Highland Corporation’s Income Statement was restated as a
common-size
financial statement, it would appear as the following:
Net Sales $1,850,000 100.0%
Cost of goods sold 1,245,000 67.3%
Gross margin 605,000 32.7%
Operating expenses 323,000 17.5%
Selling expenses 120,000 6.5%
Net income before taxes 162,000 8.8%
Taxes 64,800 3.5%
Net income 97,200 5.3%
The balance sheet can also be presented as a common-size
financial
statement. Total assets and total liabilities and stockholders’
equity will
always be 100%.
Common-size financial statements can be used to compare

similar
companies and industry averages.
Colgate-Palmolive Company (2006). Accelerating global
growth: Colgate-
Palmolive 2005 annual report. New York: Acme Printing.
Developer: Jane Pelletier, CPA
Reviewer: Michael J. Motes, CPA
TCA Part 2a - Week 4 - Long Term Assets, Liabilities &
Contingencies: Horizontal Analysis - Topic
Respond to each of the following:
Category: Long Term Assets, Liabilities & Contingencies:
1. Selected Balance Sheet Information: Provide a detailed table
listing all long term assets, liabilities & contingencies found on
the balance sheet for the four most recent years. (Present most
current year in the left most data column.)
2. Prepare a horizontal (aka. trend) analysis & a vertical
analysis for the items presented in part 1. Set the least current
year as the base year = 100%. Round all calculated values to the
nearest whole number. (Suggestion: see Module #3 Week #3
Additional Lecture Notes regarding how to prepare a horizontal
(aka trend percentage) analysis. They become synonymous when
more than two years are compared.)
3. Provide a short (emphasis on short = brief and in bullet
format) explanation for one (and only one) element in part 2 for
where you observe a significant pattern. (Significant pattern

will be defined by at least a 10% increase/decrease from year-
to-year within the horizontal analysis.)
Note: Do not copy & paste from the SEC 10-K. Prepare your
own tables & bullets with proper APA style citations. Mr.
Buffett wants to see what your professional presentation vice
what the right click, copy & paste can accomplish. Note: No
attachments are authorized you must present the report in the
text entry box in good form.
I am selecting the Monster Beverage Corp. I am curious to know
just why these products are so addictive.
Financials statements:
2016 Annual report:
Income Statement (page 75, 2016 SEC 10-K)
Balance Sheet (page 74, 2016 SEC 10-K
Statement of Stockholders’ Equity (page 77, 2016 SEC
10-K)
Statement of Cash Flows (page 78, 2016 SEC 10-K)
Inventory 2016: (in thousands) (page 96, Note 6)
Raw Materials $
58,658
Finished goods 103,313
Total Inventory
$161,971
The independent auditor signed their audit report on March 01,
2017
There are at least five years of SEC 10=K reports filed
Sources:

2016 Monster Beverage Corporation Annual Report (2016 SEC
10K). (SEC Filing Date: 3/01/2017).
https://www.sec.gov/Archives/edgar/data/865752/000110465916
100960/a15-23471_110k.htm Access date May 30, 2017
· Approved.
Note, I found the inventory details on page 99 vice 96.
Thanks,
See my posted example for the Boston Beer Company.
Note: All information must be from the audited SEC-10K
financial statements. Only SEC Edgar system sources are
authorized. You should note that the information we are looking
for will be found in Item 8 of the SEC 10-K. No other sources
are acceptable for this project.
Note: All information presented that was found in the financial
reports must be documented.
Use APA style and in addition, page number(s) must be
presented for each in text citation.
o Except for directly quoted material, page numbers are not
mandatory in APA style but I am making them mandatory for
credit in this presentation.
Present source document as a bibliography complete
with the exact url that will directly lead the reader to the exact
SEC 10K annual report.
o Additionally, you must provide a date accessed.
o Again APA does not mandate this for fixed website, I am
making it mandatory for credit.
See my example
Boston Beer Company –
Category: Long Term Assets, Liabilities & Contingencies:

1. Selected Balance Sheet Information:
Balance Sheet Item: (in thousands)
2016
2015
2014
2013
Property, Plant & Equipment (net)
$408,411
$409,926
$381,569
$266,558
Other Assets
9,965
8,188
12,447
9,556
Goodwill
3,683
3,683
3,683
3,683
Deferred Income Taxes (non-current)
64,612
56,001
50,717
32,394
Debt & Capital Lease, (less current)
411
471
528
584
Other Liabilities
10,173
16,547
7,606

4,635
Total Assets
623,297
645,400
605,161
444,075
(2016, p40)
(2016, p40)
(2014, p37)
(2014, p37)
2. Horizontal Analysis:
Balance Sheet Item:
2016
2015
2014
2013
153%
154%
143%
100%
Other Assets
104%
86%
130%
100%
Goodwill
100%
100%
100%
100%
199%
173%
157%

100%
70%
81%
90%
100%
Other Liabilities
219%
357%
164%
100%
Total Assets
140%
145%
136%
100%
2. Vertical Analysis:
Balance Sheet Item:
2016
2015
2014
2013
66%
64%
63%
60%
Other Assets
2%
1%
2%
2%
Goodwill
1%
1%
1%

1%
10%
9%
8%
7%
0%
0%
0%
0%
Other Liabilities
2%
3%
1%
1%
Total Assets
100%
100%
100%
100%
Note for students: Here I have to sit back and look at the "big"
picture. The instructions are very specific >> pick one and only
one significant element to provide observations about. It also
provides a 10% threshold (that threshold is not fixed you may
feel a lower number is needed based on the overall performance
of your company.) I could just really jump at the "Other
Liabilities" as a really volatile item & start digging the notes
for some reasons to form into bullet notes. However, notice that
"Other Liabilities" represents only 1% to 3% of the total value
of Total Assets. Be logical, is it really worth chasing down such
an insignificant item that seems to be jumping all over the
place? PP&E or Deferred Income Taxes (non-current) would
seem more logical. Think about it, apply good logic &
demonstrate sound decision making practices for the report you

are preparing for Mr. Warren Buffett!!
3. Significant trend pattern:
PP&E demonstrated significant increases in 2014 & 2015
compared to 2013 base year.
During FY 2102 & 2013 acquired assets of: Angel City
Brewing Company & Coney Island business respectively. Note
F (2014, p48 & 49) Note L (2014, p55 & 56)
Significant purchase of machinery, plant equipment,
building & building improvements occurred since 2013 thru
2016. Note E (2016, p51 & 2014, p48)
Note for students: Once again, I am not making any value
judgments. This is a process of gathering and refining some raw
data & information. Mr. Buffett may want to dig in more; that is
his option to come back and ask for further exploration should
he deem it necessary. For example: he might want to know if
the long lived assets of the two brewery acquisitions were
defective, old & therefore in need of greater repair &
replacement. Or, he might just consider that the greater amount
of overall PP&E because of acquisitions has caused a
significant increase in PP&E expenditures. Remember, stick to
the tasks at hand and do not wander down anther path not to be
taken.
Sources:
2016 Boston Beer Company Annual Report (2016 SEC 10K).
(SEC Filing Date: 2/22/2017).
https://www.sec.gov/Archives/edgar/data/949870/000119312517
052150/d301299d10k.htmAccess date March 16, 2017.
2014 Boston Beer Company Annual Report (2014 SEC 10K).
(SEC Filing Date: 2/24/2015).
http://www.sec.gov/Archives/edgar/data/949870/000119312515
060122/d851668d10k.htm Access date March 16, 2015.

Students Please Note: In this part of our TCA Project we are
gathering information, presenting an outline for our reader. We
are not making any analytical type of presentation. First we
have to learn what to look for, how to look for it and then how
to briefly summarize. We are also concerned with a pleasant and
professional style of presentation for our employer & fellow
team members to read. The function of in text citations and
details of our APA style source are to allow our team to easily
review the brief notes and look into fact in more detail if they
desire.
True

Statement of Cash Flows Explained (38

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