Question

A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows. The cash balance as of December 1, 2015, was $87,800.

Cash Flows
Cash receipts:
Cash received from customers	$721,000
Cash received from additional investment of owner	33,000
Cash payments:
Cash paid for operating expenses	749,400
Cash paid for land	53,000
Cash paid to owner for personal use	19,000

Prepare a statement of cash flows for Ousel Travel Service for the year ended November 30, 2016. Refer to the cash receipts and cash payments information given in the instructions and to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) and the word “Deduct” will automatically appear if they are required. Enter amounts that represent cash outflows as negative numbers using a minus sign.

Labels
Cash flows from financing activities
Cash flows from investing activities
Cash flows from operating activities
For the Year Ended November 30, 2016
Amount Descriptions
Cash as of December 1, 2015
Cash as of November 30, 2016
Net cash flows from financing activities
Net cash flows from investing activities
Net cash flows from operating activities
Net cash flows used for financing activities
Net cash flows used for investing activities
Net cash flows used for operating activities
Net decrease in cash during year
Net increase in cash during year Statement of Cash Flows

Answer 1