rk 1 Saved 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 Emst organized Ernst Consulting; on October 3, the owner contributed $83,390 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 $13,210 Accounts receivable 13,320 Cash dividends Consulting revenue $ 1,460 13,320 office supplies 2,720 Rent expense 2,950 Land 45,910 Salaries expense 6,290 office equipment 17,350 Telephone expense 830 Accounts payable 7,970 Miscellaneous expenses 640 Common stock 83,390 Help Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $37,480 cash and $45,910 in land in exchange for its common stock. b. The company's $17,350 equipment purchase is paid in cash. c. The accounts payable balance of $7,970 consists of the $2,720 office supplies purchase and $5,250 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 $13,320 consulting fees earned. Prev of 16 Next > The la Required information 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 Cash flows from financing activities 0 0 Cash balance, October 1 Cash balance, October 31 $ 0