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. Use the minus sign to indicate cash outflows, cash payments and decreases in cash. Paradise Travel Service Statement of Cash Flows For the Year Ended May 31, 2018 Cash flows from operating activities: Cash received from customers $ 880,000 Cash payments for operating expenses 758,000 $ Cash flows used for investing activities: Cash flows from financing activities: $ $ Cash as of June 1, 2017 Cash as of May 31, 2018 $

                       Paradise Travel Service

                         Cash Flow Statement

                 For the Year Ended May 31, 2018

Cash flows from operating activities:

Cash received from customers                                  $880,000

Cash paid for operating expenses                            -$758,000

Net cash provided by operating activities                 $122,000

Cash flows from investing activities:

Cash paid for land                                                      -$150,000

Net cash provided by investing activities                 -$150,000

Cash flows from financing activities:

Cash received from issuing common stock                $40,000

Cash paid as dividends                                                -$10,000

Net cash provided by financing activities                   $30,000

Net increase in cash                                                       $2,000

Cash balance June 1, 2017                                           $50,000

Cash balance May 31, 2017                                          $52,000

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