Required information

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts.

Cash	$	10,710		Cash dividends	$	2,180
Accounts receivable		14,800		Consulting revenue		14,800
Office supplies		3,450		Rent expense		3,750
Land		46,030		Salaries expense		7,160
Office equipment		18,170		Telephone expense		780
Accounts payable		8,630		Miscellaneous expenses		600
Common Stock		84,200

Also assume the following:

1. The owners initial investment consists of $38,170 cash and $46,030 in land in exchange for its common stock..
2. The companys $18,170 equipment purchase is paid in cash.
3. The accounts payable balance of $8,630 consists of the $3,450 office supplies purchase and $5,180 in employee salaries yet to be paid.
4. The companys rent, telephone, and miscellaneous expenses are paid in cash.
5. No cash has been collected on the $14,800 consulting fees earned.

Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.)