The owner’s initial investment consists of $38,600 cash and $45,980 in land. The company’s $18,550 equipment purchase is paid in cash. The accounts payable balance of $9,060 consists of the $3,830 office supplies purchase and $5,230 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash. No cash has been collected on the $14,620 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)

Question

24-06-2020
Business

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The owner’s initial investment consists of $38,600 cash and $45,980 in land. The company’s $18,550 equipment purchase is paid in cash. The accounts payable balance of $9,060 consists of the $3,830 office supplies purchase and $5,230 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash. No cash has been collected on the $14,620 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)

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jepessoa jepessoa · Answer 1 · 2020-06-29T03:05:09+02:00

Missing information:

ERNST CONSULTING

Income Statement

October 31. 202x

Revenues:

Consulting fees earned $15,600

Total revenues $15,600

Expenses:

Salaries expense $7,450

Rent expense $4,070

Telephone expense $810

Miscellaneous expenses $630

Total expenses $12,960

Net income $2,640

Cash dividends $2,530

Answer:

Ernst Consulting

Statement of Cash Flows

October 31, 202x

Cash flows from operating activities:

Cash received from customers $0

Cash paid for:

Rent expense -$4,070

Telephone expense -$810

Miscellaneous expenses -$630

Total cash flow from operating activities -$5,510

Cash flows from investing activities:

Cash paid for equipment -$18,550

Total cash flows from investing activities -$18,550

Cash flows from financing activities:

Cash investment from stockholders $38,600

Cash paid for dividends -$2,530

Total cash flows from financing activities $36,070

Net cash increase $12,010

Cash balance October 1, 202x $0

Cash balance October 31, 202x $12,010