Required information Use the following information for exercises 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 $83,220 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. $ 1,280 12,000 2,770 6,120 820 630 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $13,840 12,000 2,530 45,840 17,200 7,810 83,220 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 flows from investing activities Cash flows from financing activities Cash balance, October 1 Cash balance, October 31 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Equity %24 %24