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Required Information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following...

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Required Information [The following information applies to the questions displayed below.] Marks Consulting experienced thePrepare a statement of cash flows for the year 2018. (Amounts to be deducted should be indicated with a minus sign.) MARKS CStmt CF 2018 Stmt CF 2019 Prepare a statement of cash flows for the year 2019. (Amounts to be deducted should be indicat MARK

Required Information [The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, Its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 1. Acquired $80,000 by Issuing common stock. 2. Received $130,000 cash for providing services to customers. 3. Borrowed $21,000 cash from creditors. 4. Pald expenses amounting to $54,000. 5. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash Land Notes payable Common stock Retained earnings $137,000 40,000 21,800 80,000 76,00 1. Acquired an additional $26,000 from the issue of common stock. 2. Received $136,000 for providing services. 3. Pald $16,000 to creditors to reduce loan. 4. Pald expenses amounting to $69.000. 5. Pald a $12,000 dividend to the stockholders. 6. Determined that the market value of the land is $50,000.
Prepare a statement of cash flows for the year 2018. (Amounts to be deducted should be indicated with a minus sign.) MARK'S CONSULTING Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance
Stmt CF 2018 Stmt CF 2019 Prepare a statement of cash flows for the year 2019. (Amounts to be deducted should be indicat MARK'S CONSULTING Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Ending cash balance

Answers

1) prepare a statement of cash flows for the year ended 2018
MARK'S CONSULTING
SATEMENT OF CASH FLOWS
                                                                                                          FOR THE YEAR ENDED DECEMBER 31,2018
cash flows from operating activities:
received cash for provide service to customers $ 130,000
borrowed cash from creditors $ 21,000
expenses paid ($ 54,000)
net cash flow from operating activities $ 97,000
cash flows from investing activities:
purchased land ( $ 40,000 )
net cash flow from investing activities ( $ 40,000 )
cash flows from financing activities:
issue of common stock $ 80,000
net cash flow from financing activities $ 80,000
cash and cash equivalent during the year $ 137,000
Add: beginning cash balance ( first year) $ 0
ending cash balance $ 137,000
1) prepare a statement of cash flows for the year ended 2019
MARK'S CONSULTING
SATEMENT OF CASH FLOWS
                                                                                                          FOR THE YEAR ENDED DECEMBER 31,2019
cash flows from operating activities:
received cash for provide service to customers $ 136,000
paid cash to creditors ( $ 16,000)
expenses paid ( $ 69,000)
net cash flow from operating activities $ 51,000
cash flows from investing activities: $ 0
cash flows from financing activities:
issue of common stock $ 26,000
dividend paid ( $ 12,000)
net cash flow from financing activities $ 14,000
cash and cash equivalent during the year $ 65,000
Add: beginning cash balance $ 137,000
ending cash balance $ 202,000

note : market value of land $ 50,000 is not relevant to cash flow statement because only cash transactions during the year is to be considered in cash flow statement

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