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 $83,540 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. Cash $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends 1,570 Accounts receivable office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 13,520 3,110 6,490 850 Land Office equipment Accounts payable 660 Common stock Also assume the following: a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock b. The company's $17,530 equipment purchase is paid in cash. c. The accounts payable balance of $8,110 consists of the $2,850 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 $13,520 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 Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses C (1,230) (3,110) (850) (580) (5,770) Cash flows from investing activities Cash paid for office equipment (17,530) (17,530) Cash flows from financing activities Cash investments from shareholders 37,600 37,600 Cash balance, October 1 14,300 14,300 Cash balance, October 31