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On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 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. $11,580 13,860 Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock 46,000 17,820 8,400 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13,860 3,390 6.860 880 690 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Required information The following information applies to the questions displayed below) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 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. Accounts receivable Office Supplies Land Office equipment Accounts payable Con stock $11,580 13,860 3,140 46,000 17,820 8,400 83,850 Cash dividends Consulting revenue Rent expense salaries expense Telephone expense Miscellaneous expenses $1,690 13,860 3,390 6,860 880 690 Using the above information prepare an October statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings UCUW) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 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 so Cash Accounts receivable Office supplies Land Office equipment Accounts payable Coon stock $11,580 13,860 3,140 46,000 17.820 8,400 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13,860 3.399 6.860 690 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet On October 1. Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83.850 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 las $0. $11,50 13,860 3.140 45,000 17,820 8,400 Cash Accounts receivable Office Supplies Land Office equipment Accounts payable Common stock $ 1.89e 13.868 3. 39 5.86 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 59 83,85e Also assume the following a. The owner's initial investment consists of $37.850 cash and $46,000 in land in exchange for its common stock. b. The company's $17.820 equipment purchase is paid in cash c. The accounts payable balance of $8.400 consists of the $3,140 office supplies purchase and $5.260 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 $13.860 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting (Cash outflows should be Indicated by minus sign.) October ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers Cash flows from investing activities Cash flows from financing activities . Cash balance. October 1 Cash balance October 31