Statement of Cash Flows Looney Inc. was organized on July 1, Year 1. A summary of cash flows for July follows Cash receipts: Cash received from customers Cash received from issuance of common stock Cash received from note payable $342,200 59,000 35,400 Cash payments: Cash paid out for expenses Cash paid out for purchase of equipment Cash paid as dividends 194,700 88,500 11,800 Prepare a statement of cash flows for the month ended July 31, Year 1. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. If your answer is zero enter "O" Looney Inc. Statement of Cash Flows For the Month Ended July 31, Year 1 Cash flows from operating activities: Cash received from customers Cash paid for expenses Net cash flows from operating activities 342,200V 194,700X 147,500 V Cash flows from investing activities: Cash paid for purchase of equipment 88,500X Cash flows from financing activities: Cash received from issuance of common stock Cash received from note payable Cash dividends paid to stockholders Net cash flows from financing activities 59,000 35,400 V 82,600 Net increase in cash July 1, Year 1 cash balance July 31, Year 1 cash balance 342,200 | 0 342,200 |