What would be the CC balance sheet and cash flows statement?
1. Borrowed $175,000 from the bank to start the business.
2. Purchased $112,000 inventory for cash.
3. Inventory costing $64,400 was sold for $105,000 cash.
4. Paid $14,700 cash for operating expenses.
CC balance sheetCashInventoryLiabilityEquityCash flow statementNet incomeAdjustmentsIncrease in inventoryCash flow from operationsCash flow from financingCash flow from investingCash…