An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August, current year.

PRESTWICK COMPANY
AUGUST 31, Current Year
Revenues:
Services provided to customers	$ 10,000
Investment by Stockholders	4,500
Loan from a bank	12,000	$ 26,500
Expenses:
Payments to Long-term Creditors	$ 15,000
Expenses Required to provide services to customers	7,700
Purchase of Land	16,000	$ 38,700
Net Loss		$ 12,200

Based on the information prepare a statement of cash flows in a form consistent with generally accepted accounting principles. You may assume all transactions were in cash and that the beginning cash balance was $17,000. Also, Prepare a revised income statement in accordance with generally accepted accounting principle