Given the following entries in the cash account, prepare the statement of cash flows for Smith...
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Given the following entries in the cash account, prepare the statement of cash flows for Smith Consulting Services for the month ended May 31, 2014. If an amount box. does not require an entry, leave it blank. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. May 1 Issued common stock May 10 Received fees from clients. May 30 Received fees from clients May 31 Balance Cash 50,000 May 5 Paid accounts payable 30,000 May 20 Paid operating expenses 40,000 May 25 Purchased office equipment May 30 Paid dividends 67,000 10,000 20,000 15,000 8,000 Smith Statement of Cash Flows For the Month Ended May 31, 20Y4 Line Item Description Cash flows from (used in) operating activities: Cash paid for purchase of office equipment X Net cash flows used for operating activities Cash flows from (used in) investing activities: Cash paid for office equipment Cash flows from (used in) financing activities: Cash paid for expenses and to creditors Cash received from clients Net cash flows from financing activities Net increase in cash Cash balance, May 1, 2014 Cash balance, May 31, 2014 X X Amount 20,000 X X 50,000 30,000 X Amount 20,000 X 15,000 X 20,000 X 5,000 X 50,000 X 67,000 Given the following entries in the cash account, prepare the statement of cash flows for Smith Consulting Services for the month ended May 31, 2014. If an amount box. does not require an entry, leave it blank. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. May 1 Issued common stock May 10 Received fees from clients. May 30 Received fees from clients May 31 Balance Cash 50,000 May 5 Paid accounts payable 30,000 May 20 Paid operating expenses 40,000 May 25 Purchased office equipment May 30 Paid dividends 67,000 10,000 20,000 15,000 8,000 Smith Statement of Cash Flows For the Month Ended May 31, 20Y4 Line Item Description Cash flows from (used in) operating activities: Cash paid for purchase of office equipment X Net cash flows used for operating activities Cash flows from (used in) investing activities: Cash paid for office equipment Cash flows from (used in) financing activities: Cash paid for expenses and to creditors Cash received from clients Net cash flows from financing activities Net increase in cash Cash balance, May 1, 2014 Cash balance, May 31, 2014 X X Amount 20,000 X X 50,000 30,000 X Amount 20,000 X 15,000 X 20,000 X 5,000 X 50,000 X 67,000
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