Question
I only need the missing parts in the cash flow statment plaease help my dead line in 1hour DLite Dry Cleaners is owned and operated
I only need the missing parts in the cash flow statment plaease help my dead line in 1hour
DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2018, are as follows: Cash, $50,000; Accounts Receivable, $98,000; Supplies, $8,300; Land, $73,000; Accounts Payable, $31,000; Common Stock, $60,000. Business transactions during July are summarized as follows:
A. Joel Palk invested additional cash in exchange for common stock with a deposit of $34,000 in the business bank account. B. Paid $50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. C. Received cash from cash customers for dry cleaning revenue, $33,125. D. Paid rent for the month, $7,000. E. Purchased supplies on account, $2,300. F. Paid creditors on account, $22,200. G. Charged customers for dry cleaning revenue on account, $87,000. H. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $28,300. I. Paid the following: wages expense, $8,900; truck expense, $2,500; utilities expense, $1,600; miscellaneous expense, $2,600. J. Received cash from customers on account, $83,000. K. Determined that the cost of supplies on hand was $5,800; therefore, the cost of supplies used during the month was $4,800. L. Paid dividends, $11,000.
Required:
4. Prepare a statement of cash flows for July. Enter amounts that represent cash outflows as negative numbers using a minus sign. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. You will not need to enter colons (:) on the statement.
D'Lite Dry Cleaners Income Statement For the Month Ended July 31, 2018 Score: 98/98 1 Dry cleaning revenue 2 Expenses: 3 Rent expense 4 Dry cleaning expense $120,125.00 $7,000.00 28,300.00 8,900.00 2,500.00 1,600.00 2,600.00 4,800.00 Wages expense 6 Truck expense 1 Utilities expense B Miscellaneous expense 9 Supplies expense 0 Total expenses 11 Net income 55,700.00 $64,425.00
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