Business, 25.09.2020 01:01 tiffuuu

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Retained earnings, October 1 as $0. [8:47 PM] Also assume the following: The owner’s initial investment consists of $38,170 cash and $46,030 in land in exchange for its common stock. The company’s $18,170 equipment purchase is paid in cash. The accounts payable balance of $8,630 consists of the $3,450 office supplies purchase and $5,180 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 $14,600 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 in...

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