1. On 1 January, James Wilson started a new business. During January he carried out the following transactions:

1 January: Deposited $31,000 in a newly-opened business bank account.

2 January: Bought furniture for $7,000 cash and inventories $8,500 on credit.

3 January: Borrowed $4,500 from a friend and deposited it in the bank.

4 January: Bought a truck for $12,000 cash and withdrew $500 in cash for his personal use.

5 January: Bought additional furniture costing $15,000. The truck bought on 4 January was given in part exchange at a value of $9,000. The balance of the purchase price for the new furniture was paid in cash.

6 January: Wilson received $4,000 from a client and paid the amount into the business bank account. He also repaid $2,000 of the borrowings.

Required:

Prepare a statement of cash flows for the business for the month of January.