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 $85,360 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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $ 7,010 18,500 4,480 46,040 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,500 4,820 8,370 910 720 Also assume the following: a. The owner's initial investment consists of $39,320 cash and $46,040 in land in exchange for its common stock. b. The company's $19,360 equipment purchase is paid in cash. c. The accounts payable balance of $9,740 consists of the $4,480 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 $18,500 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 Cash flows from operating activities Consulting fees earned Cash flows from investing activities Cash flows from financing activities Cash balance. October 1 Cash balance. October 31