On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 14,890 Cash withdrawals by owner $ 930 Accounts receivable 12,820 Consulting revenue 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment 16,900 Telephone expense 790 Accounts payable 7,670 Miscellaneous expenses 610 Owner investments 83,010 Also assume the following: The owner’s initial investment consists of $37,050 cash and $45,960 in land. The company’s $16,900 equipment purchase is paid in cash. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash No cash has been collected on the $12,820 consulting fees earned.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 14,890 Cash withdrawals by owner $ 930 Accounts receivable 12,820 Consulting revenue 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment 16,900 Telephone expense 790 Accounts payable 7,670 Miscellaneous expenses 610 Owner investments 83,010 Also assume the following: The owner’s initial investment consists of $37,050 cash and $45,960 in land. The company’s $16,900 equipment purchase is paid in cash. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 in employee salaries yet to be paid. The company’s rent, telephone, and miscellaneous expenses are paid in cash No cash has been collected on the $12,820 consulting fees earned.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company’s records show the following items and amounts.
| Cash | $ | 14,890 | Cash withdrawals by owner | $ | 930 | |
| 12,820 | Consulting revenue | 12,820 | ||||
| Office supplies | 2,290 | Rent expense | 2,530 | |||
| Land | 45,960 | Salaries expense | 5,780 | |||
| Office equipment | 16,900 | Telephone expense | 790 | |||
| Accounts payable | 7,670 | Miscellaneous expenses | 610 | |||
| Owner investments | 83,010 | |||||
Also assume the following:
- The owner’s initial investment consists of $37,050 cash and $45,960 in land.
- The company’s $16,900 equipment purchase is paid in cash.
- The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 in employee salaries yet to be paid.
- The company’s rent, telephone, and miscellaneous expenses are paid in cash
- No cash has been collected on the $12,820 consulting fees earned.
Using the above information prepare an October 31 statement of
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ERNST CONSULTING
Statement of Cash Flows
For Month Ended October 31
Cash flows from operating activities
Cash received from customers
2$
Cash flows from investing activities
Cash flows from financing activities
Cash balance, October 1
Cash balance, October 31
$
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