Using the data for Chickadee Travel Service shown in Example Exercise 1 4, prepare a statement of owner’s equity for the current year ended April 30, 2008. Adam Cellini invested an additional $50,000 in the business during the year and withdrew cash of $30,000 for personal use.
A summary of cash flows for Chickadee Travel Service for the year ended April 30, 2008, is shown below.
|
Cash receipts: |
|
|
Cash received from customers |
$251,000 |
|
Cash received from additional investment of owner |
50,000 |
|
Cash payments: |
|
|
Cash paid for expenses |
210,000 |
|
Cash paid for land |
80,000 |
|
Cash paid to owner for personal use |
30,000 |
The cash balance as of May 1, 2007, was $72,050.
Prepare a statement of cash flows for Chickadee Travel Service for the year ended April 30, 2008.