Question
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows: Cash receipts: Cash received from customers $633,500 Cash
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows:
Cash receipts:
Cash received from customers $633,500
Cash received from issuing common stock 65,000
Cash payments:
Cash paid for operating expenses 485,000
Cash paid for land 84,000
Cash paid for dividends 18,500
The cash balance as of June 1, 2015, was $52,000.
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2016. Refer to the Instructions and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. The word Deduct and a colon (:) will automatically appear if it is required. Enter amounts that represent cash outflows as negative numbers using a minus sign.
Labels | |
Cash flows from financing activities | |
Cash flows from investing activities | |
Cash flows from operating activities | |
For the Year Ended June 1, 2015 | |
For the Year Ended May 31, 2016 | |
June 1, 2015 | |
May 31, 2016 | |
Amount Descriptions | |
Cash as of May 31, 2016 | |
Cash as of June 1, 2015 | |
Net cash flows from financing activities | |
Net cash flows from investing activities | |
Net cash flows from operating activities | |
Net cash flows used for financing activities | |
Net cash flows used for investing activities | |
Net cash flows used for operating activities | |
Net decrease in cash during year | |
Net increase in cash during year |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started