Question

A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6,...

A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows:

Cash Flows
Cash receipts:
Cash received from customers $1,486,000
Cash received from issuing common stock 37,000
Cash payments:
Cash paid for operating expenses $1,219,000
Cash paid for land 178,000
Cash paid as dividends 23,000

The cash balance as of June 1, 20Y5, was $246,000.

Labels
Cash flows from financing activities
Cash flows from investing activities
Cash flows from operating activities
Cash flows used for financing activities
Cash flows used for investing activities
Cash flows used for operating activities
For the Year Ended May 31, 20Y6
May 31, 20Y6
Amount Descriptions
Cash balance, June 1, 20Y5
Cash balance, May 31, 20Y6
Cash paid for dividends
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
Net increase in cash

Required

Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 20Y6. 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.
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