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1. A summary of cash flows for Impeccable Travel Service for the year ended November 30, 2010, is shown below.
Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . $700,000Cash received from additional investment of owner . . . . . . 36,000Cash payments:Cash paid for operating expenses . . . . . . . . . . . . . . . . . . . 730,000Cash paid for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000Cash paid to owner for personal use . . . . . . . . . . . . . . . . . 20,000The cash balance as of December 1, 2009, was $113,400.
Prepare a statement of cash flows for Impeccable Travel Service for the year ended November 30, 2010.
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