6 ! Part 4 of 4 1.7 points eBook Required information [The following information applies to the questions displayed below.) On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 Cash dividends Consulting revenue Salaries expense Telephone expense $ 8,990 16,540 Office supplies Office equipment 3,930 Rent expense 18,660 Land 45,980 Print Accounts payable Common stock 9,170 Miscellaneous expenses 84,780 Hint $ 2,830 16,540 4,300 7,740 850 670 References Also assume the following: a. The owner's initial investment consists of $38,800 cash and $45,980 in land in exchange for its common stock. b. The company's $18,660 equipment purchase is paid in cash. c. Cash paid to employees is $2,500. The accounts payable balance of $9,170 consists of the $3,930 office supplies purchase and $5,240 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 $16,540 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated by a minus sign.) Check ERNST CONSULTING Statement of Cash Flows For Month Ended December 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, December 1 Cash balance, December 31 $ 0