es Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 12,650 Cash dividends Consulting revenue 13,520 2,850 17,530 Rent expense Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 $ 1,570 13,520 3,110 6,490 850 660 Also assume the following: a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17,530 equipment purchase is paid in cash. c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 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 $13,520 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
es Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 12,650 Cash dividends Consulting revenue 13,520 2,850 17,530 Rent expense Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 $ 1,570 13,520 3,110 6,490 850 660 Also assume the following: a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17,530 equipment purchase is paid in cash. c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 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 $13,520 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.
![work i
t
7
!
ences
Mc
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Cash
Accounts receivable
office supplies
Office equipment
Land
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in
exchange for its common stock to launch the business. On December 31, the company's records show the following items
and amounts.
Accounts payable
Common stock
$ 12,650 Cash dividends
Consulting revenue
Rent expense
13,520
2,850
17,530 Salaries expense
45,940 Telephone expense
8,110 Miscellaneous expenses
83,540
Saved
Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2
Also assume the following:
a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock.
b. The company's $17,530 equipment purchase is paid in cash.
c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and
$5,260 in employee salaries yet to be paid.
ERNST CONSULTING
d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash.
e. No cash has yet been collected on the $13,520 consulting revenue earned.
< Prev
252F%252Fblackboard.uafs.edu%252Fwebapps%
Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated
by a minus sign.)
8
12
$ 1,570
13,520
3,110
6,490
850
660
of 20
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Transcribed Image Text:work i
t
7
!
ences
Mc
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
Cash
Accounts receivable
office supplies
Office equipment
Land
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in
exchange for its common stock to launch the business. On December 31, the company's records show the following items
and amounts.
Accounts payable
Common stock
$ 12,650 Cash dividends
Consulting revenue
Rent expense
13,520
2,850
17,530 Salaries expense
45,940 Telephone expense
8,110 Miscellaneous expenses
83,540
Saved
Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2
Also assume the following:
a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock.
b. The company's $17,530 equipment purchase is paid in cash.
c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and
$5,260 in employee salaries yet to be paid.
ERNST CONSULTING
d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash.
e. No cash has yet been collected on the $13,520 consulting revenue earned.
< Prev
252F%252Fblackboard.uafs.edu%252Fwebapps%
Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated
by a minus sign.)
8
12
$ 1,570
13,520
3,110
6,490
850
660
of 20
Next >
He
Transcribed Image Text:omework i
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Cash flows from operating activities
Cash received from customers
Required information
Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated
by a minus sign.)
ERNST CONSULTING
Statement of Cash Flows
For Month Ended December 31
Cash flows from investing activities
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*
Cash flows from financing activities
..
Cash balance, December 1
Cash balance, December 31
$
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$
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