! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000. 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing a note payable to the seller for the other one-half due by the end of the year 1. October 2. October 3. October 4. October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400. 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. 4. Prepare a statement of cash flows for the month of October, properly classifying each of the cash transactions into operating, investing, and financing activities. Assume that the balance of cash at the beginning of October is $16,600. (List cash outflows and decrease in cash as negative amounts. Total entries from the same source together when entering in the statement of cash flows.) BALBOA'S GYM Statement of Cash Flows For the month ended October 31 Cash Flows from Operating Activities Cash inflows: Cash outflows: $ Net cash flows from operating activities 0 Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities 0 Cash at the beginning of the month Cash at the end of the month
! Required information [The following information applies to the questions displayed below.] Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of October 2 Receive membership dues for the month of October totaling $8,500 5 Issue common stock in exchange for cash, $12,000. 9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and issuing a note payable to the seller for the other one-half due by the end of the year 1. October 2. October 3. October 4. October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of October 5. October 19 Pay dividends to stockholders, $4,400. 6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,900. 7. October 25 Receive cash in advance for November memberships, $5,600 8. October 30 Receive, but do not pay, utilities bill for the month, $5,200. 9. October 31 Pay employees' salaries for the month, $7,300. 4. Prepare a statement of cash flows for the month of October, properly classifying each of the cash transactions into operating, investing, and financing activities. Assume that the balance of cash at the beginning of October is $16,600. (List cash outflows and decrease in cash as negative amounts. Total entries from the same source together when entering in the statement of cash flows.) BALBOA'S GYM Statement of Cash Flows For the month ended October 31 Cash Flows from Operating Activities Cash inflows: Cash outflows: $ Net cash flows from operating activities 0 Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities 0 Cash at the beginning of the month Cash at the end of the month
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of
October
2 Receive membership dues for the month of October totaling $8,500
5 Issue common stock in exchange for cash, $12,000.
9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and
issuing a note payable to the seller for the other one-half due by the end of the year
1. October
2. October
3. October
4. October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of
October
5. October 19 Pay dividends to stockholders, $4,400.
6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting
November 1, $6,900.
7. October 25 Receive cash in advance for November memberships, $5,600
8. October 30 Receive, but do not pay, utilities bill for the month, $5,200.
9. October 31 Pay employees' salaries for the month, $7,300.
4. Prepare a statement of cash flows for the month of October, properly classifying each of the cash transactions into operating,
investing, and financing activities. Assume that the balance of cash at the beginning of October is $16,600. (List cash outflows and
decrease in cash as negative amounts. Total entries from the same source together when entering in the statement of cash flows.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8aeb4c9c-8d33-4b47-954d-a4d3ce02aa40%2F92dc8a83-d9d1-46b6-84f9-d70051965960%2F86btaks.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Rocky owns and operates Balboa's Gym located in Philadelphia. The following transactions occur for the month of
October
2 Receive membership dues for the month of October totaling $8,500
5 Issue common stock in exchange for cash, $12,000.
9 Purchase additional boxing equipment for $9,600, paying one-half of the amount in cash and
issuing a note payable to the seller for the other one-half due by the end of the year
1. October
2. October
3. October
4. October 12 Pay $1,500 for advertising regarding a special membership rate available during the month of
October
5. October 19 Pay dividends to stockholders, $4,400.
6. October 22 Pay liability insurance to cover accidents to members for the next six months, starting
November 1, $6,900.
7. October 25 Receive cash in advance for November memberships, $5,600
8. October 30 Receive, but do not pay, utilities bill for the month, $5,200.
9. October 31 Pay employees' salaries for the month, $7,300.
4. Prepare a statement of cash flows for the month of October, properly classifying each of the cash transactions into operating,
investing, and financing activities. Assume that the balance of cash at the beginning of October is $16,600. (List cash outflows and
decrease in cash as negative amounts. Total entries from the same source together when entering in the statement of cash flows.)
Transcribed Image Text:BALBOA'S GYM
Statement of Cash Flows
For the month ended October 31
Cash Flows from Operating Activities
Cash inflows:
Cash outflows:
$
Net cash flows from operating activities
0
Cash Flows from Investing Activities
Net cash flows from investing activities
Cash Flows from Financing Activities
Net cash flows from financing activities
0
Cash at the beginning of the month
Cash at the end of the month
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