December 1, Jasmin Enst Consulting

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3 , the owner contributed $85,160 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. Using the above information prepare a December statement of retained earnings for Emst Consulting. Hint: Retained Eamings on December 1 was $0. Using the above information prepare a December statement of retained earnings for Emst Consulting. Hint: Retained Earnings on December 1 was $0 Use the above information to prepare a December 31 balance sheet for Ernst Consulting Also assume the following: a. The owner's Initial investment consists of $39,160 cash and $46,000 in land in exchange for its common stock. b. The company's $19.190 equipment purchase is paid in cash. c. Cash paid to employees is $2,930. The accounts payable balance of $9,600 consists of the $4,310 office supplies purchase and $5,290 in employee salarles 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 $17,950 consulting revenue earned. Using the above information prepare a December statement of cash flows for Einst Consulting. (Cash outflows should be indicated by a minus sign.) Cash flows from investing activities \begin{tabular}{|l|l|} \hline & \end{tabular}