The income statement for Chin Consulting is shown below. Assume that all revenues and expenses were for cash and that land was sold for $48,000. There were no other investing or financing activities during the year. The cash balances at the beginning and end of the year were $63,000 and $142,000. Prepare a statement of cash flows.

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The Answer of The income statement for Chin Consulting is shown below. Assume that all revenues and expenses were for cash and that land was sold for $48,000. There were no other investing or financing activities during the year. The cash balances at the beginning and end of the year were $63,000 and $142,000. Prepare a statement of cash flows.

The Income Statement for Chin Consulting Is Shown Below