Assume Carson Inc. ended the month of July 2020 with the following data. (Click the icon to view the financial data.) (Click the icon to view the income statement.) (Click the icon to view the statement of retained earnings.) i (Click the icon to view the balance sheet.) Requirement Prepare the statement of cash flows of the company for the month ended July 31, 2020. Also, explain the relationship among income statement, statement of retained earnings, balance sheet, and statement of cash flows ... Prepare the statement of cash flows. Begin with the heading of the statement. Then, continue with determining the cash flows from operating and investing activities. Finally, complete the statement by selecting the cash flows from financing activities and the amounts. Determine the cash balances. (Use parentheses or a minus sign when entering cash outflows. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Cash flows from operating activities. Cash flows from investing activities Cash flows from financing activities Net income on the comes directly from the Ending retained earnings on the comes directly from the Ending cash on the is reported on the Financial data Payments of cash: Acquisition of equipment S 33.000 Cash receipts Dividends 1,800 Issuance (sale) of shares to owners $ 31,730 Retained earnings at July 1, 2020 O Rent expense 660 Retained earnings of July 31, 2020 5.970 Common shares. 31,730 Utilities expense 33,000 Adjustments to reconcile net income 200 Equipment Office supplies expense. 3 500 Accounts payable. 1,170 to cash provided by operations 3,500 Salary expense 3.900 Service revenue 13,700 Cash balance July 1, 2020 0 Cash balance July 31, 2020 8.200 Statement of Retained Earnings X Carson Inc. Statement of Retained Earnings For the Month Ended July 31, 2020 Retained earnings, July 1, 2020 $ 0 Add: Net income for the month 7,770 (1,800) Less: Dividends $ 5,970 Retained earnings, July 31, 2020 Income Statement Carson Inc. Income Statement For the Month Ended July 31 2020 Revenue Service revenue $ 13,700 Expenses Salary expense $ 3.900 Utilities expense 200 Rent expense 660 1.170 Office supplies expense 5.930 Total expenses S 7,770 Net income Balance Sheet Carson Inc. Balance Sheet As of July 31, 2020 Assets Liabilities $ 3.500 Cash 8.200 Accounts payable 33,000 Shareholders' Equity Equipment Common shares 31,730 5,970 Retained earnings 37,700 Total shareholders' equity S 41.200 $ 41,200 Total liabilities and shareholders' equity Total assets