Pulmonary Consulting, Inc., organized April 1, 2007, is operated by Dr. Tobin. How many errors can..

Pulmonary Consulting, Inc., organized April 1, 2007, is operated by Dr. Tobin. How many errors can you find in the following financial statements for Pulmonary Consulting, Inc., prepared after its first month of operation?Pulmonary Consulting, Inc.Retained Earnings StatementApril 30, 2008Net income for the month ………… $15,000Retained earnings, April 30, 2007 ……… $15,000Statement of Cash FlowsApril 30, 2007 Cash flows from operating activities:Cash receipts from fees earned ……… $ 92,500Net cash from operating activities ………. $ 92,500 Cash flows from investing activities:Cash payments for land ………… 65,000 Cash flows from financing activities:Cash receipts from issuance of capital stock …. 25,000Net increase in cash during April ……… $182,500Cash as of April 1, 2007 ………….. 0Cash as of April 30, 2007 ………… $182,500
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Pulmonary Consulting Inc organized April 1 2007 is operated

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