On October 1, Ebony organized Ernst Consulting, a new consulting firm; on October 3, the owner contributed assets of $148,450. On October 31, the company's records show the following items and amounts. Use this information to prepare the October statement of cash flows for the business.

Cash $20,000 Owner Withdrawals $4,000

Accounts Receivable $25,000 Consulting fees earned $25,000

Office Supplies 5,720 Rent expense 6,340

Land 81,000 Salaries expense 12,000

Office equipments 32,000 Telephone Expense 1,350

Accounts payable 15,000 Miscellaneous Expenses 1,040

Owner investments 148,450

Also, assume the following:

a. The owner's initial investment consists of $67,450 cash and $81,000 in land.

b. The company's $32,000 equipment purchase is paid in cash.

c. The accounts payable balance of $15,000 consists of the $5,720 office supplies purchase and $9,280 in employees salaries yet to be paid.

d. The company's rent, telephone and miscellaneous expenses are paid in cash.

e. No cash has been collected on the $25,000 consulting fees earned.