A summary of cash flows for Ethos Consulting Group for the year ended May 31, 20

Question

A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2018, follows:

The cash balance as of June 1, 2017, was $57,000.

Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2018. Refer to the Instructions and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. Enter amounts that represent cash outflows as negative numbers using a minus sign.

Cash receipts: Cash received from customers $647,500 Cash received from issuing common stock 63,500 Cash payments: Cash paid for operating expenses 485,500 Cash paid for land 90,000 Cash paid for dividends 14,500

Explanation / Answer

Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2018.

Cash flow from operating activities Cash received from customers 647500 Cash paid for operating expenses -485500 Net cash flow from operating activities 162000 Cash flow from investing activities Cash paid for land -90000 Net cash used in investing activities -90000 Cash flow from financing activities Cash received from issuing common stock 63500 Cash paid for dividends -14500 Net cash flow from financing activities 49000 Net Cash flow 121000 Beginning cash 57000 Ending cash 178000

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