Required information The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Emst Consulting: on October 3, the owner contributed $82.780 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 Carth Accounts receivable ortice supplies Land Otico equipment Accounts payabio Cotton Stock 515,760 10.600 1,960 46,030 16,510 7,250 32.780 Caith dividends Consulting revenue Rent expenne Salario expen Telephone expense Miscellaneous experie 660 10.600 2,270 5,450 760 Also assume the following: a. The owner's initial investment consists of $36.750 cash and $46,030 in land in exchange for its common stock b. The company's $16,580 equipment purchase is paid in cash. c. The accounts payable balance of $7.250 consists of the $1.960 office supplies purchase and $5.290 in employee salaries yet to be pald d. The company's rent, telephone, and miscellaneous expenses are paid in cash, e. No cash has been collected on the $10,600 consulting fees eamed. 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 ERNST CONSULTING Statement of Cash Flows $ 0 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 (160) (2,270) (760) (580) $ (3,770) Net cash used by operating activities Cash flows from investing activities Cash paid for office equipment (16,580) (16,580) Net cash used by investing activities Cash flows from financing activities Cash investments from shareholders Cash dividends to shareholders 36,750 (640) Net cash provided by financing activities 36,110 15,760 Net increase in cash Cash balance, October 1 Cash balance October 31 0 GA $ 15.760