ucation.com Homework Saved Help Save & Exit Submit 2 Check my work of 4 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 $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. k Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,830 16,540 4,300 7,740 850 670 ces Exercise 1-18 Preparing a statement of cash flows LO P2 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 hua minnie einn