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Effects of Changes in Receivable Balances on State

Effects of Changes in Receivable Balances on Statement of Cash FlowsStegner Inc. reported net income of $130,000 for the year ended December 31, 2008. The followingitems were included on Stegner’s balance sheets at December 31, 2008 and 2007:Stegner uses the indirect method to prepare its statement of cash flows. Stegner does not have anyother current assets or current liabilities and did not enter into any investing or financing activitiesduring 2008.Required1. Prepare Stegner’s 2008 statement of cash flows.2. Draft a brief memo to the owner to explain why cash decreased during a profitable year.

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