Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, Identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction Income Statement Net Income Total Assets +550 Balance Sheet Total Total Liabilities Equity +550 Statement of Cash Flow Operating Investing Finar Activities Activities Activ +550 +550 *1-550 1. Owner invests $550 cash in business in exchange for stock 2. Receives $350 cash for services provided 3. Pays S150 cash for employee wages 4. Buys $280 of equipment on credit 5. Purchases $380 of supplies on credit 6. Buys equipment for $480 cash 7. Pays $320 on accounts payable 8. Provides $520 of services on credit 9. Pays $170 cash in dividends 10. Collects $545 cash on accounts receivable 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 $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. Cash $ 7,520 Cash dividends $ 3,190 Accounts receivable 17,950 Consulting revenue 17,950 Office supplies 4,310 Rent expense 4,720 Office equipment 19,190 Salaries expense 8,220 Land 46,000 Telephone expense Accounts payable 9,600 Miscellaneous expenses 710 Common stock 85,160 900 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Answer is not complete. ERNST CONSULTING Balance Sheet December 31 > Assets Liabilities $ 9,600 Cash Land Accounts receivable Office equipment Office supplies OOOO 9,600 $ 7,520 Accounts payable 46,000 17,950 19,190 4,310 Common stock Retained earnings Equity OO >> 85,160 210 Total equity 85,370 94.970 $ Total assets $ 94,970 Required information The following information applies to the questions displayed below! On December 1, Jasmin Emst 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 Cash $7.520 Cash dividends 53,190 Accounts receivable 17.950 Consulting revenue 17.58 Office supplies 4,310 Rent expense office equipment 19,190 salaries expense 8,220 Land 46,000 Telephone expense 91 Accounts payable 9,600 Miscellaneous expenses 730 Common stock 85,160 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 Cash paid to employees is $2.930. The accounts payable balance of $9.500 consists of the 54.310 office supplies purchase and $5,290 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 $17.950 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) Answer is not complete ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cashfows from operating active Cash received from stoner 5 0 Cash paid for rent (420) Cashpold for thone expenses 1900) Caith paid for nous expenses 7101 Cash paid to employees 12.930) OO 5 (9.260 Naused by operating Cashows from investing actor Cash paid for officient S (19.10 (19.10 Cashdowstrom financing Cashients from wholders Cash dividende to sider slo 0.100) Net cash provided by financing at increase in cash Cash balance December 1 Cash bano, December 31 10 OS 3 0