On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 10,200 14,310 3,550 45,990 18,310 8.740 84,310 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 14,310 3,910 7,350 790 610 References Section Break Use the following information for exercise 15 to 18 LO P2 Award: 10.00 points Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land. b. The company's $18,310 equipment purchase is paid in cash. c. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 in employee 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 $14,310 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers $ 0 Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land. b. The company's $18,310 equipment purchase is paid in cash. c. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 in employee 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 $14,310 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers $ 0 Cash flows from sting activities Cash flows from financing activities Cash balance, October 1 Cash balance, October 31