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 Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3, 110 6,490 850 660 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 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