Moffet Realty, Inc., organized July 1, 2013, is operated by Jill Moffet. How many errors can you find in the following financial statements for Moffet Realty, Inc., prepared after its first month ofoperation?

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MOFFET REALTY, INC. Statement of Cash Flows July 31, 2013 Cash flows from operating activities: Cash receipts from sales commissions Cash flows used for investing activities: 72,200 Cash payments for land Cash flows from financing activities (40,400) Cash receipts from retained earnings Net increase in cash during July Cash as of July 1, 2013 Cash as of July 31, 2013 31,250 $ 63,050 0 $63,050