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 $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. Retained earnings, October 1 as $0. 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 FVV VILA Syu Accounts payable Common stock Urvuo 8,500 84,000 APL CAVOLO Miscellaneous expenses 580 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities $ 8,500 Cash Land Accounts receivable Office equipment Office supplies 11,360 Accounts payable 46,000 14,000 Total liabilities 18,000 3,250 Cash dividends 8,500 Equity 84,110 84,110 92,610 $ Total assets $ 92,610 Total liabilities and equity