Also assume the following:

a$.$ The owner's initial investment consists of $$38,500$ cash and $$45,970$ in land in exchange for its common stock.

b$.$ The company's $$18,450$ equipment purchase is paid in cash.

c$.$ Cash paid to employees is $$2,260.$ The accounts payable balance of $$8,900$ consists of the $$3,710$ office supplies purchase and $$5,190$ 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 $$15,620$ consulting revenue earned.

Using the above information prepare a December statement of cash flows for Ernst Consulting.

Note: Cash outflows should be indicated by a minus sign.

$\backslash$table$[[$ERNST CONSULTING,$],[$Statement of Cash Flows,,$],[$For Month Ended December $31,,],[$Cash flows from operating activities,,$0],[$Cash received from customers,$$,],[,,],[,,],[$Cash flows from investing activities,,$]]$

Required information

a$.$ The owner's initial investment consists of $$38,500$ cash and $$45,970$ in land in exchange for its common stock.

b$.$ The company's $$18,450$ equipment purchase is paid in cash.

c$.$ Cash paid to employees is $$2,260.$ The accounts payable balance of $$8,900$ consists of the $$3,710$ office supplies purchase and $$5,190$ 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 $$15,620$ consulting revenue earned.

Using the above information prepare a December statement of cash flows for Ernst Consulting.

Note: Cash outflows should be indicated by a minus sign.

$\backslash$table$[[$ERNST CONSULTING$],[$Statement of Cash Flows$],[$For Month Ended December $31],[$Cash flows from operating activities,,,$],[$Cash received from customers,$$0,,],[$Cash paid for miscellaneous expenses,$(630),,],[$Cash paid to employees,$(2,260),,],[$Cash paid for rent,$(4,070),,],[$Cash paid for telephone expenses,$(810),,],[,,,],[$Net cash used by operating activities,,$$,(7,770)$