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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in...

Question:

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 in assets in exchange for i
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,390 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. $ 1,460 12,300 2,950 6,290 830 $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Cash Accounts receivable Office supplies Land office equipment Accounts payable 640 Comnon Stock Also assume the following: a. The owner's initial investment consists of $37,480 cash and $45,910 in land in exchange for its common stock.. b. The company's $17,350 equipment purchase is paid in cash. c. The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 in employee salaries yet to be paid. d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash has been collected on the $12,300 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash Flows As of October 31 Cash flows from operating activities

Answers

Cash flow statement
Cash flow statement
cash received from customers
cash paid to employees -1040 (6290-5250)
cash paid for rent -2950
cash paid for telephone expenses -830
cash paid for misc expenses -640
net cash used by operating activities -5460
Cash flows from investiing activities
cash paid for office equipment -17350
net cash used by investing activities -17350
Cash flows from financing activities
investment by owner 37480
Withdrawals -1460
net cash provided by financing activities 36020
net increase in cash 13210
cash balance oct 1 0
cash balance oct 31 13210
.

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