Chapter 1, Problem 1.7BE

Statement of cash flows

A summary of cash flows for Paradise Travel Service for the year ended May 31, 2018, 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, 2017, was $50,000.

Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 2018.