Question

1 Approved Answer

Posted on Aug 28, 2024

For this question what is the cash receipts from customers and 2. the cash payments for expenses and payments to creditors on the cash flow

For this question what is the cash receipts from customers and 2. the cash payments for expenses and payments to creditors on the cash flow sheet. image text in transcribed

Search. ent/takeAsignmentMain.dolimvokerassignmentsatakeAssignmentSessionlocatornassignment-take - Ad he te X IE Spreadsheet Calculator Print item eBook Transactions; financial Statements Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are carrently being rented, pending expansion to new facilities.I actual work of dry deaning is done by another company for a fer. The assets and the liabilities of the business on November 1, 2019, are as follows: Ca $17,220; Accounts Receivable, $35,260; Supplies, $3,280; Land, $41,000; Acunts payable, $14,760. Business transactions during November are summarized as follows: a. Beverly Zahn invested additional cash in the business with a deposit of $32,000 in the business bank account. b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $16,100. C. Paid rent for the month, $19,680. d. Charged customers for dry deaning revenue on account, $5,900. e. Paid creditors on account, $2,760. f. Purchased supplies on account, $14,560. g. Received cash from cash customers for dry deaning revenue, $31,490. h. Received cash from customers on account, $39,360. 1. Recelved monthly invoice for dry deaning expense for November (to be paid on December 10), $15,740. j. Paid the following: wages expense, $8,660; truck expense, $3,150; utilities expense, $3,350; miscellaneous expense, $1,500. k. Determined that the cost of supplies on hand was $2,160; therefore, the cost of supplies used during the month was $3,880. L. Withdrew $9,100 cash for personal use. Required: 1. Determine the amount of Beverty Zahn's capital as of November 1. 82,000 2. Use the attached spreadsheet to complete part 2. Click on the Sipreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be incduded in your grade in CengageNOW on this problem. 15 12/7 17 CH LOJ roll 12 pouse insert &. 6. 8. + backspoce 3 ent/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionlocator=assignment-take Search.. ne te. X E Spreadsheet eBook E Calculator Print Item Statement of Cash Flows Bev's Dry Cleaners v Statement of Cash Flows V lonth Ended November 30, 2019 For the 1 Cash flows from operating activities: %24 Cash receipts from customers v 55,770 X Cash payments for expenses and payments to creditors V -82,000 Net cash flow from operating activities 31,750 V 5 Cash flows used for investing activities: Cash payment for purchase of land v 6. -16,100 7 Cash flows from financing activities: Cash receipt of owner's investment v 8. 32,000 V Cash withdrawal by owner v -9,100 Net cash flow from financing activities 10 22,900 Search. ent/takeAsignmentMain.dolimvokerassignmentsatakeAssignmentSessionlocatornassignment-take - Ad he te X IE Spreadsheet Calculator Print item eBook Transactions; financial Statements Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are carrently being rented, pending expansion to new facilities.I actual work of dry deaning is done by another company for a fer. The assets and the liabilities of the business on November 1, 2019, are as follows: Ca $17,220; Accounts Receivable, $35,260; Supplies, $3,280; Land, $41,000; Acunts payable, $14,760. Business transactions during November are summarized as follows: a. Beverly Zahn invested additional cash in the business with a deposit of $32,000 in the business bank account. b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $16,100. C. Paid rent for the month, $19,680. d. Charged customers for dry deaning revenue on account, $5,900. e. Paid creditors on account, $2,760. f. Purchased supplies on account, $14,560. g. Received cash from cash customers for dry deaning revenue, $31,490. h. Received cash from customers on account, $39,360. 1. Recelved monthly invoice for dry deaning expense for November (to be paid on December 10), $15,740. j. Paid the following: wages expense, $8,660; truck expense, $3,150; utilities expense, $3,350; miscellaneous expense, $1,500. k. Determined that the cost of supplies on hand was $2,160; therefore, the cost of supplies used during the month was $3,880. L. Withdrew $9,100 cash for personal use. Required: 1. Determine the amount of Beverty Zahn's capital as of November 1. 82,000 2. Use the attached spreadsheet to complete part 2. Click on the Sipreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be incduded in your grade in CengageNOW on this problem. 15 12/7 17 CH LOJ roll 12 pouse insert &. 6. 8. + backspoce 3 ent/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionlocator=assignment-take Search.. ne te. X E Spreadsheet eBook E Calculator Print Item Statement of Cash Flows Bev's Dry Cleaners v Statement of Cash Flows V lonth Ended November 30, 2019 For the 1 Cash flows from operating activities: %24 Cash receipts from customers v 55,770 X Cash payments for expenses and payments to creditors V -82,000 Net cash flow from operating activities 31,750 V 5 Cash flows used for investing activities: Cash payment for purchase of land v 6. -16,100 7 Cash flows from financing activities: Cash receipt of owner's investment v 8. 32,000 V Cash withdrawal by owner v -9,100 Net cash flow from financing activities 10 22,900