On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts.
Cash | $ | 12,650 | Cash dividends | $ | 1,570 | |
Accounts receivable | 12,800 | Consulting revenue | 12,800 | |||
Office supplies | 2,850 | Rent expense | 3,110 | |||
Land | 45,940 | Salaries expense | 6,490 | |||
Office equipment | 17,530 | Telephone expense | 850 | |||
Accounts payable | 8,110 | Miscellaneous expenses | 660 | |||
Common Stock | 83,540 | |||||
Also assume the following:
Using the above information prepare an October 31 statement of cash
flows for Ernst Consulting. (Cash outflows should be
indicated by a minus sign.)
ERNST CONSULTING | ||
Statement of Cash Flows | ||
For Month Ended October 31 | ||
Cash flows from operating activities | ||
Cash paid to employees | -1,230 | |
Cash paid for rent | -3,110 | |
Cash paid for telephone expenses | -850 | |
Cash paid for miscellaneous expenses | -660 | |
Net cash used by operating activities | -5850 | |
Cash flows from investing activities | ||
Purchase of office equipment | -17,530 | |
Net cash used by investing activities | -17530 | |
Cash flows from financing activities | ||
Cash investment from stockholders | 37,600 | |
Cash dividends | -1,570 | |
Net cash provided by financing activities | 36,030 | |
Net increase in cash | 12,650 | |
Cash balance, October 1 | ||
Cash balance, October 31 | 12650 |
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in...
Done < Ch.1-Quz Help Save & Ext Submit On October 1, Ebony Enst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts 12,650 Cash dividends 5 1,570 Office supplies office equipment 4.32 Also assume the following a. The owners initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,660 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts, Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $12,040 13,720 2,990 45,940 17,710 8,230 83,660 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,760 13,720 3,210...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. $ 1,460 12,300 2,950 6,290 830 $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Cash Accounts receivable Office supplies Land office equipment Accounts payable 640 Comnon Stock Also assume the...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $85,360 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 7,010 18,350 4,480 46,040 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. $11,360 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock 2,000 14,000 3,550 7,000 766 588 14,668 Consulting revenue 3,250 Rent expense 46,eee Salaries expense 18,00 Telephone expense 8,500 Miscellaneous expenses 84,800 Exercise 1-18 Preparing a...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. $ 1,460 Cash dividends Cash $13,210 12,300 2,720 Consulting revenue Accounts receivable 12,300 2,950 6,290 830 Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses 45,910 17,350 7,970 83,390 Land Office equipment Accounts payable 640 Common Stock Exercise 1-18 Preparing...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Land 45,990 Salaries expense 7,350 Office equipment 18,310 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common Stock 84,310 Using the...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 13,210 Cash dividends $ 1,460 Accounts receivable 12,300 Consulting revenue 12,300 Office supplies 2,720 Rent expense 2,950 Land 45,910 Salaries expense 6,290 Office equipment 17,350 Telephone expense 830 Accounts payable 7,970 Miscellaneous expenses 640 Common Stock 83,390 Using the...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...
On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...