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The balance sheet and income statement do not necessarily show a complete picture of the financial condition of an organization. In most organizations cash is king, and without a sizable amount of cash, an organization can become insolvent (that is, not having enough ready cash to meet its current obligations or purchase merchandise or materials). When this happens, creditors, bankers, and other external stakeholders (people and organizations that have a vested interest in the survival of a business) might become impatient and force the business into bankruptcy. By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:The following resources are required to complete the assessment.Click the links provided to view the following resources:The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.The following e-books or articles from the Capella University Library are linked directly in this course:A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP3061 – Fundamentals of Accounting Library Guide to help direct your research.Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.The resources listed below are relevant to the topics and assessments in this course and are not required. Unless noted otherwise, these materials are available for purchase from the Capella University Bookstore. When searching the bookstore, be sure to look for the Course ID with the specific –FP (FlexPath) course designation.Assessment InstructionsThis assessment includes two parts. Complete both parts using the templates provided. Both templates are linked in the Resources under the Required Resources heading. Submit both completed templates for the assessment.You know that the cash flow statement classifies cash receipts and cash payments as operating, investing, and financing activities. Before preparing the cash flow statement, accounting data must be analyzed to locate transactions in both the cash account and other locations. After the transactions have been located, it should be determined whether each one affects operating, investing, or financing cash flow. Last, whether the transaction results in a cash inflow or outflow must be ascertained. Accountants consider this statement to be foundational for a business to continuously operate.For this part of the assessment, use the Assessment 3, Part 1 Template to classify each of the following cash inflows and outflows as operating, investing, or financing activities:The cash flow statement is an important, and often overlooked, financial statement. However, it can provide important data for use by internal organization management. By analyzing the balance sheet and income statement, the accountant can then prepare the statement and share the results with both internal and external users.Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing) for each transaction listed for Skylar Enterprises, Inc., and prepare the cash flow statement using the indirect method in good form for reporting. Data is provided in the Information worksheet in the template; complete the statement of cash flow in the Cash Flow Statement worksheet. Use the suggested materials in the Resources if you need more information on preparing cash flow statements.Purchase the answer to view it
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