On October 1, Ebony Erst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business, On October 31, the company's records show the fol- lowing items and amounts. Use this information to prepare an October income statement for the business. Exercise 1-15 Preparing an income statement P2 ter Cash.... $11,350 14,000 3.250 46,000 18.000 8,500 84000 Accounts receivable Office supplies Land, Office equipment Accounts payable Common stock $ 2.000 14,000 3,550 7.000 760 Cash dividends Consulting revenue. Rent expense Salaries expense Telephone expense Miscellaneous expenses 580 Check Net Income Use the information in Exercise 1-15 to prepare an October statement of retained earnings for Ernst Consulting Exercise 1-16 Preparing a statem: retained earnings Exercise 1-17 Preparing a balance sheet P2 Use the information in Exercise 1-15 to prepare an October 31 balance sheet for Ernst Consulting. Wine The solution to Exercise 1-16 can help Exercise 1-18 Preparing a statement of cash flows P2 Use the information in Exercise 1-15 to prepare an October 31 statement of cash flows for Ernst Consulting. Assume the following additional information a. The owner's initial investment consists of $38,000 cash and $46,000 in land in exchange for its common stock. b. The company's $18,000 equipment purchase is paid in cash. c. The accounts payable balance of $8.500 consists of the $3,250 office supplies purchase and $5.250 in employee salaries yet to be paid. d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash bas been collected on the $14,000 consulting fees carned. Check Met increase in con $11,360