• Please explain in which order the four major financial statements need to be prepared, and why.
• Please explain the three major categories of the statement of cash flows and under which category the following item belongs. Also explain whether or not the item would be considered a source or use of cash for the period in question:

Inventory-increased for period

Net income-increased for period

Accounts receivables increase for period

Accounts payable decrease for period

Accruals decrease for period

Depreciation-increases for period

Stock issued

Property purchased

Bonds paid off

Inventories increase for period

Cash decreases

Notes payable increase for period

Bonds redeemed for period

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