A summary of cash flows for Webster Consulting Group for the year ended July 31, 2008, is shown below.
Cash receipts:
Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495,000
Cash received from additional investment of owner . . . . . . . . . . . . . 20,000
Cash payments:
Cash paid for operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371,500
Cash paid for land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Cash paid to owner for personal use . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
The cash balance as of August 1, 2007, was $46,750.
Prepare a statement of cash flows for Webster Consulting Group for the year ended July 31, 2008.