A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016, follows:
Cash receipts:
Cash received from customers.............................................$734,000
Cash received from additional investment of owner.......................36,000
Cash payments:
Cash paid for operating expenses...........................................745,600
Cash paid for land..............................................................50,000
Cash paid to owner for personal use.........................................18,000
The cash balance as of September 1, 2015, was $89,000.