C e.mheducation.com/hmtpx consuhax, Inc was founded in 2012 as ? small nnamil co

Question

C e.mheducation.com/hmtpx consuhax, Inc was founded in 2012 as ? small nnamil consuhng husiness The company han done reasanathy wrli in 2012 2014 bur staned notking te cagh dainde eaily in 2015. In January 2015, Consullex had pad 310,500 to purchase land and repad $2.0c0 princpal on an csting promissary noto In March, a company pald 2,500 cash cash poshion, Consuhex bomowed 35,500 by saning a now promissory note n May and also Issued stock to a now Balance Sheet 2015 2014 Cash S 8,210 13,200 naunts Rrcrvatir Prepaid Rent Land 12.500 2,000 $55,060 $1,200 Tatal Assats Liabilrtes and Sockholders Equty $2,250 35on Salanes znd Vipes Payable Income Taes Payable Nctes Payala (long-term) Cemmon Stock Rctainod Earnings 12,500 9,500 14,500 10,710 Total Lablities and Socknolders Equty 50,060 $ 41,200 Income Statement the Year Eted CCoater 31 2014 Salaries and Wages Expense Rent Fxpens Urlities Expenses 97,500 20,500 15,000 20,200 5,300 Income telore Inccme Tax Expense Incoma Tax Expons0 1.000 Net Income 5 3,710 10.500 Required: Prepare a propert tomatted Statemen of Cash Flows for Consutex, Inc. tor the year ended Octcber 31, 2015 using the indrect method (Amounts to be deducted should be indicated with a minus sign.) CONSULTEX, INC. Statement ot Cash Flows For the Year Ended October 31, 2016 Cash Flos fram Cperang Arinhes O lype hene to search

Explanation / Answer

Cash flow Statement Cash flows from operating activities: Net income for the year 3710 Adjustment for the reconciliation Increase in Accounts receivable -2500 Decrease in Prepaid rent 1250 Decrease in salaries and wages payable -1250 Net cash provided from operating activities 1210 Cash flows from Investing activities: Purchase of land -18500 Net cash used in investing activities -18500 Cash flows from financing activities; Repayment of long term note -2000 Borrowing on Long term notes 5500 Issue of shares 12500 Repurchase of treasury stock -1200 Dividend paid -2500 Net cash used in financing activities 12300 Net decrease in cash -4990 Cash balance in beginning 13200 Ending cash balance. 8210

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