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ACC 290T Wk 1 - Practice: Connect Knowledge Check

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ACC 290T Wk 1 - Practice: Connect Knowledge Check

Required information

Use the following information for exercise 15 to 18 LO P2

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,360 in assets to launch the business. On October 31, the company’s records show the following items and amounts. 

 

Cash

$

7,010

 

Cash withdrawals by owner

$

3,390

Accounts receivable

 

15,360

 

Consulting revenue

 

15,360

Office supplies

 

4,480

 

Rent expense

 

4,820

Land

 

46,040

 

Salaries expense

 

8,370

Office equipment

 

19,360

 

Telephone expense

 

910

Accounts payable

 

9,740

 

Miscellaneous expenses

 

720

Owner investments

 

85,360

 

 

 

 

 

Exercise 1-15 Preparing an income statement LO P2

Using the above information prepare an October income statement for the business.

 

Exercise 1-16 Preparing a statement of owner's equity LO P2

Using the above information prepare an October statement of owner's equity for Ernst Consulting. 

Exercise 1-18 Preparing a statement of cash flows LO P2

Also assume the following: 

  1.  The owner’s initial investment consists of $39,320 cash and $46,040 in land.
  2.  The company’s $19,360 equipment purchase is paid in cash.
  3.  The accounts payable balance of $9,740 consists of the $4,480 office supplies purchase and $5,260 in employee salaries yet to be paid.
  4.  The company’s rent, telephone, and miscellaneous expenses are paid in cash.
  5.  No cash has been collected on the $15,360 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.)

 

Using your earlier attempt(s) as study attempts is highly recommended, if needed.

True or False

????

????

 

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