Exercise 1-17 Preparing a balance sheet P2 Use the information in Exercise 1-15 to prepare an October 31 balance sheet for Ernst Consulting. Hint The solution to Exercise 1-16 can help Exercise 1-18 Preparing a statement of cash flows P2 Use the information in Exercise 1-15 to prepare an October 31 statement of cash flows for Ernu Consulting. Assume the following additional information a. The owner's initial investment consists of $38.000 cash and $46,000 in land in exchange for its common stock. b. The company's $18.000 equipment purchase is paid in cash. c. The accounts payable balance of $8.500 consists of the 53.250 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 $14,000 consulting fees carned. Check Metince incan $11.360