Spreadsheetsh FlowsBev's Dry Cleaners vStatement of Cash Flows vFor the Month Ended November 30, 2019 v1 Cash flows from operating activities:Cash receipt of owner's investment X23Cash withdrawal by owner X4Net cash flow from operating activities5 Cash flows used for investing activities:Cash payment for purchase of land v7 Cash flows from financing activities:$8Cash receipts from customers XCash payments for expenses and payments to creditors X10Net cash flow from financing activities11 Net Increase in cash during November12 Cash balance, November 1, 201913 Cash balance, November 30, 2019%24 Transactions; Financial StatementsBev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and theliabilities of the business on November 1, 2019, are as follows: Cash, $16,380; Accounts Receivable, $33,540; Supplies, $3,120; Land, $39,000; Accounts payable, $14,040. Business transactions during November are summarized as follows:a. Beverly Zahn invested additional cash in the business with a deposit of $31,000 in the business bank account.b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $15,400.c. Paid rent for the month, $11,230.d. Charged customers for dry cleaning revenue on account, $31,820.e. Paid creditors on account, $13,100.f. Purchased supplies on account, $5,620.g. Received cash from cash customers for dry cleaning revenue, $29,950.h. Received cash from customers on account, $37,440.i. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $14,980.j. Paid the following: wages expense, $8,240; truck expense, $3,000; utilities expense, $3,180; miscellaneous expense, $1,420.k. Determined that the cost of supplies on hand was $7,430; therefore, the cost of supplies used during the month was $1,310.I. Withdrew $8,600 cash for personal use.Required:

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Description: Spreadsheetsh FlowsBev's Dry Cleaners vStatement of Cash Flows vFor the Month Ended November 30, 2019 v1 Cash flows from operating activities:Cash receipt of owner's investment X23Cash withdrawal by owner X4Net cash flow from operating activities5 C

Cash flow statement is a statement which shows all cash inflows and outflows of cash during the…

Business

Accounting

Bev's Dry Cleaners v Statement of Cash Flows For the Month Ended November 30, 2019 1 Cash flows from operating activities: Cash receipt of owner's investment X 2 3 Cash withdrawal by owner X 4 Net cash flow from operating activities 5 Cash flows used for investing activities: Cash payment for purchase of land 6 7 Cash flows from financing activities: Cash receipts from customers X 8 Cash payments for expenses and payments to creditors X 10 Net cash flow from financing activities 11 Net Increase in cash during November 12 Cash balance, November 1, 2019 13 Cash balance, November 30, 2019 %24

Bev's Dry Cleaners v Statement of Cash Flows For the Month Ended November 30, 2019 1 Cash flows from operating activities: Cash receipt of owner's investment X 2 3 Cash withdrawal by owner X 4 Net cash flow from operating activities 5 Cash flows used for investing activities: Cash payment for purchase of land 6 7 Cash flows from financing activities: Cash receipts from customers X 8 Cash payments for expenses and payments to creditors X 10 Net cash flow from financing activities 11 Net Increase in cash during November 12 Cash balance, November 1, 2019 13 Cash balance, November 30, 2019 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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