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 $83,110 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 $14,550 12,940 2,400 45,860 17,020 7,820 83, 110 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,120 12,940 2,640 5,920 800 620 Also assume the following: a. The owner's initial investment consists of $37,250 cash and $45,860 in land in exchange for its common stock. b. The company's $17,020 equipment purchase is paid in cash. c. The accounts payable balance of $7,820 consists of the $2,400 office supplies purchase and $5,420 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 $12,940 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 $ 0 Cash flows from operating activities Cash received from customers Cash paid to employees Cash paid for telephone expenses Cash paid for rent Cash paid for miscellaneous expenses Net cash used by operating activities Cash flows from investing activities Cash paid for office equipment Net cash used by investing activities Cash flows from financing activities Cash investments from shareholders $ 0 0 Cash dividends to shareholders 0 Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31 $ 0