le Chrome File Edit View C Inbox (240) - abigailoforiwaa X History Bookmarks Profiles Tab Window Help Gmail x WiConnect - Home × M Question 5-Mid-Term Exam x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Mid-Term Exam Required information Saved 5 [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to launch the business. On December 31, the company's records show the following items and amounts. Part 4 of 4 Cash Ask Accounts receivable Land Office supplies Office equipment Accounts payable Owner investments. $ 12,040 Cash withdrawals by owner 13,720 Consulting revenue 2,990 Rent expense 45,940 Salaries expense 17,710 Telephone expense 8,230 Miscellaneous expenses 83,660 $ 1,760 13,720 3,210 6,690 870 680 Mc Graw Hill Also assume the following: a. The owner's initial investment consists of $37,720 cash and $45,940 in land. b. The company's $17,710 equipment purchase is paid in cash. c. Cash paid to employees is $1,450. The accounts payable balance of $8,230 consists of the $2,990 office supplies purcha $5,240 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 $13,720 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from onerating activities < Prev 5 of 13 Next > 5 tv N Aa
le Chrome File Edit View C Inbox (240) - abigailoforiwaa X History Bookmarks Profiles Tab Window Help Gmail x WiConnect - Home × M Question 5-Mid-Term Exam x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Mid-Term Exam Required information Saved 5 [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to launch the business. On December 31, the company's records show the following items and amounts. Part 4 of 4 Cash Ask Accounts receivable Land Office supplies Office equipment Accounts payable Owner investments. $ 12,040 Cash withdrawals by owner 13,720 Consulting revenue 2,990 Rent expense 45,940 Salaries expense 17,710 Telephone expense 8,230 Miscellaneous expenses 83,660 $ 1,760 13,720 3,210 6,690 870 680 Mc Graw Hill Also assume the following: a. The owner's initial investment consists of $37,720 cash and $45,940 in land. b. The company's $17,710 equipment purchase is paid in cash. c. Cash paid to employees is $1,450. The accounts payable balance of $8,230 consists of the $2,990 office supplies purcha $5,240 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 $13,720 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from onerating activities < Prev 5 of 13 Next > 5 tv N Aa
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![le Chrome File Edit View
C
Inbox (240) - abigailoforiwaa X
History
Bookmarks
Profiles Tab
Window Help
Gmail
x WiConnect - Home
× M Question 5-Mid-Term Exam
x +
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe...
Mid-Term Exam
Required information
Saved
5
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to
launch the business. On December 31, the company's records show the following items and amounts.
Part 4 of 4
Cash
Ask
Accounts receivable
Land
Office supplies
Office equipment
Accounts payable
Owner investments.
$ 12,040 Cash withdrawals by owner
13,720 Consulting revenue
2,990 Rent expense
45,940 Salaries expense
17,710 Telephone expense
8,230 Miscellaneous expenses
83,660
$ 1,760
13,720
3,210
6,690
870
680
Mc
Graw
Hill
Also assume the following:
a. The owner's initial investment consists of $37,720 cash and $45,940 in land.
b. The company's $17,710 equipment purchase is paid in cash.
c. Cash paid to employees is $1,450. The accounts payable balance of $8,230 consists of the $2,990 office supplies purcha
$5,240 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 $13,720 consulting revenue earned.
Using the above information prepare a December statement of cash flows for Ernst Consulting.
Note: Cash outflows should be indicated by a minus sign.
ERNST CONSULTING
Statement of Cash Flows
For Month Ended December 31
Cash flows from onerating activities
< Prev
5
of 13
Next >
5
tv N
Aa](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80b45471-670e-4c49-990f-b002a1df36f6%2F1950608b-db4c-44b9-a0e2-e1426b8a670b%2Fqvx2x8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:le Chrome File Edit View
C
Inbox (240) - abigailoforiwaa X
History
Bookmarks
Profiles Tab
Window Help
Gmail
x WiConnect - Home
× M Question 5-Mid-Term Exam
x +
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe...
Mid-Term Exam
Required information
Saved
5
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to
launch the business. On December 31, the company's records show the following items and amounts.
Part 4 of 4
Cash
Ask
Accounts receivable
Land
Office supplies
Office equipment
Accounts payable
Owner investments.
$ 12,040 Cash withdrawals by owner
13,720 Consulting revenue
2,990 Rent expense
45,940 Salaries expense
17,710 Telephone expense
8,230 Miscellaneous expenses
83,660
$ 1,760
13,720
3,210
6,690
870
680
Mc
Graw
Hill
Also assume the following:
a. The owner's initial investment consists of $37,720 cash and $45,940 in land.
b. The company's $17,710 equipment purchase is paid in cash.
c. Cash paid to employees is $1,450. The accounts payable balance of $8,230 consists of the $2,990 office supplies purcha
$5,240 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 $13,720 consulting revenue earned.
Using the above information prepare a December statement of cash flows for Ernst Consulting.
Note: Cash outflows should be indicated by a minus sign.
ERNST CONSULTING
Statement of Cash Flows
For Month Ended December 31
Cash flows from onerating activities
< Prev
5
of 13
Next >
5
tv N
Aa
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education