A summary of cash flows for Dynasty Travel Service for the year ended June 30, 2012, is
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A summary of cash flows for Dynasty Travel Service for the year ended June 30, 2012, is shown below.
Cash receipts:
Cash received from customers ............$920,000
Cash received from additional investment of owner ... 60,000
Cash payments:
Cash paid for operating expenses ........... 710,000
Cash paid for land ................ 208,000
Cash paid to owner for personal use ......... 36,000
The cash balance as of July 1, 2011, was $130,000. Prepare a statement of cash flows for Dynasty Travel Service for the year ended June 30, 2012.
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