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The Statement of Cash Flows has historically given students alot of heartburn but it really isnt that scary. A cash-flowstatement simply stated reports the uses (where the cash wasspent) and the sources (where the cash came from) of cash during aperiod. Lets start with a very simplistic set of facts. I run aCPA firm and I billed my clients $50K during the month ofFebruary. To earn that $50K I incurred $20K of wage expense andanother $10K of overhead (rent utilities insurance etc.). So Imade $20K profit right? So I am sitting pretty? Not necessarily.What if I now tell you that $40K of my billings have yet to becollected? And my E&O insurance carrier increased my premiumand I had to pre-pay $10K of premiums this month. How does my cashflow differ from my profit? Will these transactions appear on myincome statement? My cash-flow statement?

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