ded Examples (GE) Required information Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displeyed below] On October 1, Ebony Ernst organized Ernst Consulting on October 3, the owner contributed $82650 in essets in exchange for its common stock to leunch the business. On October 31, the company's records show the following items and amounts. $ 460 10,900 2,140 ,109 756 $15,200 Cash dividends Cash Accounts receivable office supplies Land Office equipeent Accounts payable 10,000 Consulting revenue 1,778 Rent expense 46,888 Salaries expense 16,458 Telephone expense 6,060 Miscellaneous expenses 82,650 Exercise 1-18 Preparing a statement of cash flows LO P2 Also essume the following o. The owner's initial investment consists of $36,570 cash and $46.080 in land in exchange for its common stock b. The company's $16.450 equipment purchase is paid in cash e. The eccounts payable balance of $6,060 consists of the $1770 office supplies purchase and $4.290 in employee salaries yet to be paid d. The compeny's rent, telephone. and miscellaneous expenses are paid in cash e. No cash hes been collected on the $10,000 consulting fees earned Using the above informetion prepare an October 31 stetement of cash flows for Ernst Consulting (Cosh outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash lF Flows For Month Ended October 31 operaiing ash pad lo ash paid for (2,140 cash used try operuing actubes S (4,460 Cash fows from n ash pad for office equipmet cash used by ittvesing actrwties erws trom financing actnbes (16.450) t cash provided by tnanong acimies (460 balanos, October t October 3t