Jet Styling has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows. a.Beginning cash balance……………..$ 3,200b.Cash investment by owner…………..15,000c.Cash payment toward long-term loan1,000d.Cash payment of rent………………..1,800e.Purchased equipment for cash……..7,500f.Purchased store supplies for cash…1,500g.Cash collected from customers…….7,750h.Cash withdrawal by owner…………..2,000i.Cash payment of wages…………….4,000
What will be an ideal response?
| Jet Styling Statement of Cash Flows For Month Ended January 31 | ||
| Cash flows from operating activities: | ? | ? |
| Cash collected from customers………………… | $ 7,750 | ? |
| Cash paid for supplies…………………………… | (1,500) | ? |
| Cash paid for rent………………………………… | (1,800) | ? |
| Cash paid for wages…………………………….. | (4,000) | ? |
| Cash flows from operating activities………………… | ? | $ 450 |
| Cash flows from investing activities: | ? | ? |
| Purchase of equipment…………………………. | ? | (7,500) |
| Cash flows from financing activities: | ? | ? |
| Investment by owner……………………………. | 15,000 | ? |
| Withdrawal by owner…………………………… | (2,000) | ? |
| Payment of loan………………………………… | (1,000) | ? |
| Cash flows from financing activities……………….. | ? | 12,000 |
| Net increase in cash………………………………… | ? | $ 4,950 |
| Beginning cash balance……………………………. | ? | 3,200 |
| Ending cash balance……………………………….. | ? | $ 8,150 |
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