Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,850 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 so Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $11,58 13,860 3,140 46,000 17,820 8,480 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13,860 3,390 6,860 880 690 Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following a. The owner's initial investment consists of $37,850 cash and $46,000 in land in exchange for its common stock b. The company's $17,820 equipment purchase is paid in cash. c. The accounts payable balance of $8.400 consists of the $3,140 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 $13.860 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 Cash received from customers $ 0 + $ 0 Cash flows from investing activities 0 Cash flows from financing activities Cash balance, October 1 Cash balance, October 31 $ + 0