0 Required information The following information applies to the questions displayed below) On October 1, Ebony Erst organized Ernst Consulting; on October 3, the owner contributed $85,360 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Canh Accounts receivable office supplies Land office equipment Accounts payable Common stock $ 7,010 18,350 4.480 46,040 19,360 9,740 B5,360 Cash dividends Consulting revenue Rent expense salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Also assume the following: a. The owner's initial investment consists of $39,320 cash and $46,040 in land in exchange for its common stock b. The company's $19,360 equipment purchase is paid in cash c. The accounts payable balance of $9,740 consists of the $4,480 office supplies purchase and $5,260 in employee salaries yet to be d. The company's rent, telephone, and miscellaneous expenses are paid in cash e. No cash has been collected on the $18,350 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.) paid 4 ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers $ 0 0 Cash flows from investing activities es 0 Cash flows from financing activities 0 Cash balance, October 1 Cash balance, October 31 $ 0