A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2019, follows:Cash receipts:        Cash received from customers $637,500        Cash received from additional investment of owner 62,500Cash payments:         Cash paid for operating expenses 475,000         Cash paid for land 90,000         Cash paid to owner for personal use 17,500The cash balance as of June 1, 2018, was $58,000.Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2019.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%

A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2019, follows:
Cash receipts:
        Cash received from customers $637,500
        Cash received from additional investment of owner 62,500
Cash payments:
         Cash paid for operating expenses 475,000
         Cash paid for land 90,000
         Cash paid to owner for personal use 17,500
The cash balance as of June 1, 2018, was $58,000.
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2019.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education