A summary of cash flows for Herat Travel Service for the year ended June 30, 2008, is shown
below.
|
Cash receipts: |
|
|
Cash received from customers |
$350,000 |
|
Cash received from additional investment of owner |
20,000 |
|
Cash payments: |
|
|
Cash paid for operating expenses |
270,000 |
|
Cash paid for land |
60,000 |
|
Cash paid to owner for personal use |
12,000 |
The cash balance as of July 1, 2007, was $42,800. Prepare a statement of cash flows for Herat Travel Service for the year ended June 30, 2008.