Use the information in Exercise to prepare an October 31 statement of cash flows for Real Answers.
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Use the information in Exercise to prepare an October 31 statement of cash flows for Real Answers. Also assume the following:
a. The owner’s initial investment consists of $38,360 cash and $46,000 in land in exchange for common stock.
b. The company’s $18,000 equipment purchase is paid in cash.
c. The accounts payable balance of $25,037 consists of the $24,437 office supplies purchase and $600 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 $14,000 consulting fees earned.
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Transcribed Image Text:
$11,500 Cash dividends $ 2,000 ..14,000 .. 2,520 5,600 760 580 ..2 Consulting fees earnec Accounts receivable 12,000 Office supplies .. Land Office equipment 24,437 Rent expense 46,000 Salaries expense 8,000 Telephone expense .... Miscellaneous expenses ...V... Common stock .. 84,360
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