(Solved): Prepare statement of cash flows (indirect method) using balance sheet data Fo ...

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Prepare statement of cash flows (indirect method) using balance sheet data Following are comnarative balance sheets for Millco Inc. at Januarv 31 and February Required: Prepare a statement of cash flows that explains the change that occurred in cash during the month. You may assume that the change in cach balance sheet amount is due to a single event (e.g., the change in the amount of production equipment is not the result of both a purchase and sale of equipment). (Hints: What is the purpose of the statement of cash flows? How is this purpose accomplished?) Use the space to the right of the January 31 data to enter the difference between the February 28 and January 31 amounts of each balance sheet item; these are the amounts that will be in your solution.