Preparing a Prospective Statement of Cash Flows
Jane and Harvey Wentland have decided to open a retail athletic supply store, Fitness Outfitters Inc. They will stock clothing, shoes, and supplies used in running, swimming, bicycling, weight lifting, and other exercise and athletic activities. During their first year of operations, 2019, they expect the following results. (Subsequent years are expected to be more successful.)
By the end of 2019, Fitness Outfitters needs to have a cash balance of $5,000 and is expected to have the following partial balance sheet:
Assume that all sales will be for cash and that equipment will be acquired for cash.
Does the preparation of a prospective statement of cash flows seem worthwhile for an ongoing business? Why?
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