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Please help me solve this question. Thank you On December 1. Jasmin Emst organized Emst Consutung. On December 3, the owner contributed $84000 in assets
Please help me solve this question. Thank you
On December 1. Jasmin Emst organized Emst Consutung. On December 3, the owner contributed $84000 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following itemis and amouns. Exercise 1-21 (Static) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's inital uivestment consists of $38,000 cash and $46,000 in land in exchange for its common stock. b. The company's $18,000 equipment purchase is paid in cash. c. Cash pald to employees is $1,750. The accounts payable balance of $8,500 consists of the $3.250 office supplies purchase and $5,250 in employee salaries yet to be paid. d. The company's rem expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $14.000 consulting revenue earned. Using the above information prepare a Decenber statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.) a. The owner's initial investment consists of $38.000 cash and $46.000 in land in exchange for its common stock. b. The company's $18,000 equipment purchase is paid in cash. c. Cash paid to employees is $1,750. The accounts payable balance of $8,500 consists of the $3,250 office supplies purchase and $5.250 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $14,000 consulting revenue eamed, Using the above information prepare a December statement of cash flows for Einst Consutting. (Cash outflows should be indicsted by a minus sign.) Step by Step Solution
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