Interpreting the Effect of Changes in Inventories and Accounts Payable on Cash Flow from Operations – First Team Sports, Inc., is engaged in the manufacture (through independent contractors) and distribution of in-line roller skates, ice skates, street hockey equipment, and related accessory products. Its recent annual report included the following on its balance sheets:
| CONSOLIDATED BALANCE SHEETS Don't use plagiarized sources. Get Your Custom Essay on explain the effects of the changes in inventory and trade accounts payable on cash f 555627 For $10/Page 0nly | ||
| Current Year | Previous Year | |
| Inventory (Note 3) | $22,813,850 | $20,838,171 |
| Trade accounts payable | 9,462,883 | 9,015,376 |
Required:
Explain the effects of the changes in inventory and trade accounts payable on cash flow from operating activities for the current year.
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