Avatar Company uses the direct method to prepare its statement of cash flows. Please refer to the following financial statement information for the year 2014:
Additional information provided:
Please prepare a complete statement of cash flows using the direct method, in the following format:
Definitions:
Debited
To be debited means an amount has been recorded on the left-hand side of a financial account, indicating an increase in assets or a decrease in liabilities.
Insurance Policy
A contract between an insurer and a policyholder that specifies the terms under which the insurer agrees to compensate the policyholder for specified losses.
Adjusting Entry
An accounting entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.
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