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 $84,780 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,78e Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ho $ 2,830 16,548 4,3ee 7.748 850 670 . Also assume the following: a. The owner's initial investment consists of $38,800 cash and $45,980 in land in exchange for its common stock b. The company's $18,660 equipment purchase is paid in cash, c. The accounts payable balance of $9,170 consists of the $3,930 office supplies purchase and $5,240 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 $16,540 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.) Answer is not complete. ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities con=con&external_browser=0&launchUrl=https% meck my work mode : This shows what is correct or incorrect for the work you have Required information $ 0 (4,300) (850) (670) $ (5,820) 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 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 Cash dividends to shareholders Net cash provided by financing activities Net increase in cash Cash balance, October 1 Cash balance, October 31 (18,660) (18,660) Is 0 S 0 e to search