Looney Inc was organized on July 1 Year 1 A
Looney Inc. was organized on July 1, Year 1. A summary of cash flows for July follows.
Cash receipts:  
Cash received from customers ........... $600,000
Cash received from sale of capital stock ....... 200,000
Cash received from note payable ......... 75,000
Cash payments:  
Cash paid out for expenses ............ $380,000
Cash paid out for purchase of equipment ...... 95,000
Cash paid as dividends ............. 25,000
Prepare a statement of cash flows for the month ended July 31, Year 1.

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