Exercise 1-18 Preparing a statement of cash flows LO P2

Also assume the following:

1. The owner's initial investment consists of $37,480 cash and $45,910 in land.
2. The company's $17,350 equipment purchase is paid in cash.
3. The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 in employee salaries yet to be paid.
4. The company's rent, telephone, and miscellaneous expenses are paid in cash.
5. No cash has been collected on the $13,320 consulting fees earned.