A summary of cash flows for Ethos Consulting Group for the year ended May 31, 20
ID: 2492887 • Letter: A
Question
A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows:
The cash balance as of June 1, 2015, was $52,000.
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2016. 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. The word “Deduct” and a colon (:) will automatically appear if it is required. Enter amounts that represent cash outflows as negative numbers using a minus sign.
Labels and Amount Descriptions
Statement of Cash Flows
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2016. 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. The word “Deduct” and 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 $633,500 Cash received from additional investment of owner 65,000 Cash payments: Cash paid for operating expenses 485,000 Cash paid for land 84,000 Cash paid to owner for personal use 18,500Explanation / Answer
Ethos Consulting group Cash Flow statement for the period ending May 31. 2016. Details Amt $ Cash Flow from Operating Activities Cash received from Customers 633,500 Cash paid for operating expenses (485,000) Total Cash Flow from Operating Activities 148,500 Cash flow from Investing Activities Cash Paid for Land (84,000) Total Cash flow from Investing Activities (84,000) Cash flow from Financing Activities Cash received from owner as additional investment 65,000 Cash paid to owner-drawing (18,500) Total Cash flow from Financing Activities 46,500 Total Cash flow from Operating, Investing and Financing Activities 111,000 Net Increase in Cash during the Year = 111,000
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