A summary of cash flows for Leotard Travel Service for the year ended February 28, 2008, is shown…

 
   

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A summary of cash flows for Leotard Travel Service for the year ended February 28, 2008, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . $350,000Cash received from additional investment of owner . . . . . . . . 18,000Cash payments:Cash paid for operating expenses . . . . . . . . . . . . . . . . . . . . . . . 365,000Cash paid for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000Cash paid to owner for personal use . . . . . . . . . . . . . . . . . . . . . 10,000The cash balance as of March 1, 2007, was $56,700.Prepare a statement of cash flows for Leotard Travel Service for the year ended February 28, 2008.View Solution:
A summary of cash flows for Leotard Travel Service for