! 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 $82,890 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 $15,140 12,720 Cash dividends 830 Cash Consulting revenue 12,720 2,380 5,620 780 Accounts receivable office supplies 2,110 46,010 16,780 Rent expense Salaries expense Land Office equipment Accounts payable Common stock. Telephone expense Miscellaneous expenses 7,360 600 82,890 Also assume the following: a. The owner's initial investment consists of $36,880 cash and $46,010 in land in exchange for its common stock. b. The company's $16,780 equipment purchase is paid in cash c. The accounts payable balance of $7,360 consists of the $2,110 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 $12,720 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 investing activities Cash flows from financing activities Cash balance, October 1 Cash balance, October 31