A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2018, follows:
Cash receipts:
Cash received from customers.....................................................................$637,500
Cash received from issuing common stock.........................................................62,500
Cash payments:
Cash paid for operating expenses...................................................................475,000
Cash paid for land......................................................................................90,000
Cash paid for dividends...............................................................................17,500
The cash balance as of June 1, 2017, was $58,000.
Prepare a statement of cash flows for Ethos Consulting Group for the year ended May 31, 2018.