The following information applies to the questions displayed below] Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 in assets in exchange On October 1, Ebony 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 10,280 Cash dividends 15,280 Consulting revenue 3,550 Rent expense 45,998 Salaries expense 18,31 Telephone expense 8,740 Miscellaneous expenses 84,31 2,348 15,280 3,918 7,35e 799 610 Preparing a statement of cash flows LO P2 Also assume the following
a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock
b. The company's $18,310 equipment purchase is paid in cash.
c. The accounts payable balance of $8,740 consists of the $3,550 0 office supplies purchase and $5,190 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 $15,200 consulting fees earned
Using the above information prepare an October 31 statement of cash flows for Ernst Consulting.