A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows:
Cash receipts:
Cash received from customers.......................................................$637,500
Cash received from additional investment of owner.................................62,500
Cash payments:
Cash paid for operating expenses.....................................................475,000
Cash paid for land........................................................................90,000
Cash paid to owner for personal use...................................................17,500
The cash balance as of June 1, 2015, was$58,000.
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2016.