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Required information Use the following information for exercises 15 to 18 LO P2 (The following information applies to the questions displayed below.) On October 1, Ebony Ernst 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 following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Common Stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7.000 760 580 Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: 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 has been collected on the $14,000 consulting fees earned. ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers Cash paid for miscellaneous expenses (580) Cash paid for telephone expenses (760) Cash paid for rent (3,550) $ $ (5.140) Cash flows from investing activities Cash paid for office equipment 0 Cash flows from financing activities Cash investments from shareholders Cash dividends to shareholders 0 Cash balance, October 1 Cash balance, October 31 $ 0