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Really need assistance to understand what I should calculate. how and why. Also if i am missing any information. On October 1, Ebony Ernst organized

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image text in transcribed Really need assistance to understand what I should calculate. how and why. Also if i am missing any information.
image text in transcribed
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 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 $12,04e 13,800 2,990 45,940 17,710 8,23e 83,660 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,760 13,8ee 3,210 6,690 870 680 ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 $ 0 Cash flows from operating activities Cash received from customers Cash paid for miscellaneous expenses Cash paid for rent Cash paid for telephone expenses Cash paid to employees (680) (3,210) (870) (1,450) $ (6,210) Net cash used by operating activities Cash flows from investing activities Cash paid for office equipment (17,710) Net cash used by investing activities rach flowe from financinn artivitiae (17,710) Cash paid for office equipment (17,710) (17,710) Net cash used by investing activities Cash flows from financing activities Cash dividends to shareholders Cash investments from shareholders (1,760) (83,360) Net cash provided by financing activities (85,120) Net increase in cash Cash balance, October 1 Cash balance, October 31 $ 0 Also assume the following: a. The owner's initial investment consists of $37,720 cash and $45,940 in land in exchange for its common stock b. The company's $17,710 equipment purchase is paid in cash c. The accounts payable balance of $8,230 consists of the $2,990 office supplies purchase and $5,240 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 $13,800 consulting fees earned

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