Chapter 1 Accounting in Business 37 Use the information in Exercise 1-15 to prepare an October statement of owner's equity for Ernst Exercise 1 Consulting Preparing a statement of owner's equity P2 se the information in Exercise 1-15 to prepare an October 31 balance sheet for Ernst Consulting. Hint The solution to Exercise 1-16 can help. Exercise 1-17 Preparing a balance sheet P2 Use the information in Exercise 1-15 to prepare an October 31 statement of cash flows for Consulting. Assume the following additional information a. Th Ernst Exercise 1-18 Preparing a statement of cash flowS e owner's initial investment consists of $38,000 cash and $46,000 in land. b. The company's $18,000 equipment purchase is paid in cash. P2 c. The accounts payable balance of $8,500 consists of the $3,250 office supplies purchase and $5,250 in d. T e. No cash has been collected on the $14,000 consulting fees earned employee salaries yet to be paid. he company's rent, telephone, and miscellaneous expenses are paid in cash Check Net increase $11,360 Chapter 1 Accounting in Business 37 Use the information in Exercise 1-15 to prepare an October statement of owner's equity for Ernst Exercise 1 Consulting Preparing a statement of owner's equity P2 se the information in Exercise 1-15 to prepare an October 31 balance sheet for Ernst Consulting. Hint The solution to Exercise 1-16 can help. Exercise 1-17 Preparing a balance sheet P2 Use the information in Exercise 1-15 to prepare an October 31 statement of cash flows for Consulting. Assume the following additional information a. Th Ernst Exercise 1-18 Preparing a statement of cash flowS e owner's initial investment consists of $38,000 cash and $46,000 in land. b. The company's $18,000 equipment purchase is paid in cash. P2 c. The accounts payable balance of $8,500 consists of the $3,250 office supplies purchase and $5,250 in d. T e. No cash has been collected on the $14,000 consulting fees earned employee salaries yet to be paid. he company's rent, telephone, and miscellaneous expenses are paid in cash Check Net increase $11,360