Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17,530 equipment purchase is paid in cash. c. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 in employee paid. d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash has been collected on the $13,520 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting. (Cash outflows sh by a minus sign.) ERNST CONSULTING Statement of Cash Flows For Month Ended October 31 Cash flows from operating activities Cash received from customers Cash flows from investing activities Cash flows from financing activities $ 0 0 0 0 Cash balance, October 1 Cash balance, October 31 $ 0