Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions Cash collections from: Sale of unused office

image text in transcribed

Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions Cash collections from: Sale of unused office furniture Borrowing from bank Customers $40,000 250,000 425,000 Cash payments for: Employee salaries 321,000 Dividends to stockholders 20,000 Advertising expense 65,000 Utilities expense 11,000 Purchased office equipment 225,000 Office supplies 1,100 Noncash Transactions Issue note payable for equipment $300,000 Services to customers on account 150,000 Purchase office equipment on account 30,000 Prepare a statement of cash flows for the month of October, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of October is $25,000. 26. $ 27. $ 28. $ 29. $ 30. $ 31. $ 32. $ What is the amount of cash inflows from operating activities? What is the amount of cash outflows from operating activities? What is the Net Cash Flows from Operating Activities (if cash used, use "-")? What is the Net Cash Flows from Investing Activities (if cash used, use "-")? What is the Net Cash Flows from Financing Activities (if cash used, use "-")? How much did cash change (if decrease, use "-") What is the ending cash balance for the company?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting Financial Statement Analysis and Valuation

Authors: Clyde P. Stickney

6th edition

324302959, 978-0324302967, 324302967, 978-0324302950

More Books

Students also viewed these Accounting questions

Question

6. Contrast and compare the RNR and GLM models of rehabilitation.

Answered: 1 week ago