A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows: Cash receipts:   Cash received from customers $880,000 Cash received from issuing common stock 40,000 Cash payments:   Cash paid for operating expenses 758,000 Cash paid for land 150,000 Cash paid as dividends 10,000 The cash balance as of June 1, 20Y5, was $50,000. Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 20Y6. Use the minus sign to indicate cash outflows, cash payments and decreases in cash.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows:

Cash receipts:  
Cash received from customers $880,000
Cash received from issuing common stock 40,000
Cash payments:  
Cash paid for operating expenses 758,000
Cash paid for land 150,000
Cash paid as dividends 10,000

The cash balance as of June 1, 20Y5, was $50,000.

Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 20Y6. Use the minus sign to indicate cash outflows, cash payments and decreases in cash.

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