Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I CANNOT figure out what I am missing from this statement of cash flows. Please help. Thanks!!! Ch 01 Homework Saved Help Save & Exlt
I CANNOT figure out what I am missing from this statement of cash flows. Please help.
Thanks!!!
Ch 01 Homework Saved Help Save & Exlt Submit Check my work 6 Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below Part 4 of 4 3.2 points On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts eBook Hint Print $11,360 Cash dividends $ 2,880 14,800 3,550 7,800 760 580 Cash Accounts receivable Office supplies 14,000 Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,080 Telephone expense Office equipment Accounts payable Common Stock 8,500 Miscellaneous expenses 84,000 Exercise 1-18 Preparing a statement of cash flows LO P2 ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses (1,750) (3,550) (760) (6,640) Net cash used by operating activities Cash flows from investing activities Cash paid for office equipmenft (18,000) et cash used by investing activities Cash flows from financing activities Cash dividends to shareholders (18,000) (2,000) Cash investments from shareholders 38,000 Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31 11,360 11,360 Ch 01 Homework Saved Help Save & Exlt Submit Check my work 6 Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below Part 4 of 4 3.2 points On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts eBook Hint Print $11,360 Cash dividends $ 2,880 14,800 3,550 7,800 760 580 Cash Accounts receivable Office supplies 14,000 Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,080 Telephone expense Office equipment Accounts payable Common Stock 8,500 Miscellaneous expenses 84,000 Exercise 1-18 Preparing a statement of cash flows LO P2 ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses (1,750) (3,550) (760) (6,640) Net cash used by operating activities Cash flows from investing activities Cash paid for office equipmenft (18,000) et cash used by investing activities Cash flows from financing activities Cash dividends to shareholders (18,000) (2,000) Cash investments from shareholders 38,000 Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31 11,360 11,360Step 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