15 0 Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 8,450 Cash dividends. 16,950 Consulting revenue 4,080 Rent expense 18,860 Salaries expense 46,020 Telephone expense. 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Check my work Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,900 cash and $46,020 in land in exchange for its common stock. b. The company's $18,860 equipment purchase is paid in cash. c. Cash paid to employees is $2,700. The accounts payable balance of $9,280 consists of the $4,080 office supplies purchase and $5,200 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $16,950 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated Prav 23 of 23 Next > ces Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 Cash flows from investing activities Cash flows from financing activities