Hoist Inc. was organized on March 1, 2007. A summary of cash flows for March is shown below.
Cash receipts:
Cash received from customers ............ $ 37,600
Cash received for capital stock ........... 144,000
Cash received from note payable ........... 16,000
Cash payments:
Cash paid out for expenses ............ $ 13,360
Cash paid out for purchase of equipment ....... 120,000
Cash paid as dividends .............. 8,000
Prepare a statement of cash flows for the month ended March 31, 2007.