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Soft Touch Company was started several years ago by two golf instructors. The company's comparative...

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Accounting

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Soft Touch Company was started several years ago by two golf instructors. The company's comparative balance sheets and income statement are presented below, along with additional information. Additional Dato: a. Bought new golf clubs using cash, $1,000. b. Borrowed $2,000 cash from the bank during the year. c. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that Income Tax Expense was fully paid in cash. SOFT TOUCH COMPANY Statement of Cash Flows For the Year Ended December 31 \begin{tabular}{|l|l|l|} \hline Cash Flows from Operating Activities: & & \\ \hline Cash Paid for Salaries and Wages to Employees & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash Flows from Investing Activities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}

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