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Category > Accounting Posted 14 Aug 2017 My Price 3.00

Natalie King organized Real Solutions

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts.

             
Cash $ 2,000   Cash dividends $ 3,360
Accounts receivable   13,000   Consulting fees earned   15,000
Office supplies   4,250   Rent expense   2,550
Land   36,000   Salaries expense   6,000
Office equipment   28,000   Telephone expense   660
Accounts payable   7,500   Miscellaneous expenses   680
Common stock   74,000        
Also assume the following:

 

a.

The owner's initial investment consists of $38,000 cash and $36,000 in land in exchange for common stock.
b. The company's $28,000 equipment purchase is paid in cash.
c.

The accounts payable balance of $7,500 consists of the $4,250 office supplies purchase and $3,250 in employee salaries yet to be paid.
d. The company's rent, telephone, and miscellaneous expenses are paid in cash.
e. $2,000 has been collected on the $15,000 consulting fees earned.

Using the above information prepare an October 31 statement of cash flows for Real Solutions.

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Aug 2017 12:08 AM My Price 3.00

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