Cash Outflows Assignment | Top Universities

Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets 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 Owner investments $ 7,950 15, 040 4,200 46, 010 19,060 9, 430 85, 050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15, 040 4, 530 8,090 880 690 Exercise 1-18 Preparing a statement of cash flows LO P2 nces Also assume the following: a. The owner's initial investment consists of $39,040 cash and $46,010 inland.

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b. The company's $19,060 equipment purchase is paid in cash. c. The accounts payable balance of $9,430 consists of the $4,200 office supplies purchase and $5,230 in employee salaries yet to be paid. d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash has been collected on the $15,040 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.) 0 ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Net cash used by operating activities Cash flows from investing activities Net cash used by financing activities Cash flows from financing activities Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31. Get Accounting Homework Help Today

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