Solution for QID #8494: A summary of cash flows for Absolute Consulting Group for th | StudyHelpMe

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. 1. Prepare a balance sheet as of December 31, 2012. 2. What item appears on both the retained earnings statement and the balance sheet?