accounting question 382445
|
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 | |||||
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| Also assume the following: |
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| 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. |
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