Response to the following problem:
A summary of cash flows for Absolute Consulting Group for the year ended July 31, 2012, is shown below.
Cash receipts:
Cash received from customers$187,500
Cash received from issuing additional capital stock 40,000
Cash payments:
Cash paid for operating expenses 127,350
Cash paid for land 30,000
Cash paid for dividends 5,000
The cash balance as of August 1, 2011, was $27,100. Prepare a statement of cash flows for Absolute Consulting Group for the year ended July 31, 2012.