On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83.540 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 $ 12,650 Cash dividends 13,520 Consulting revenue 2,858 Rent expense 17,538 Salaries expense $3,57 13,520 3,110 45,940 Telephone expense Accounts payable Common stock 8,110 Miscellaneous expenses 3,540 6.490 850 660 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following e. The owner's initial Investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17.530 equipment purchase is paid in cash c. Cash paid to employees is $1,230. The accounts payable balance of $8.110 consists of the $2.850 office supplies purchase and $5,260 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 $13,520 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.) ERNST CONSULTING On December 1. Jasmin Ernst organized Ernst Consulting On December 3, the owner contributed $83.540 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 Eand Accounts payable. Common stock $ 12,650 Cash dividends 13,520 Consulting revenue 2,858 Rent expense $ 1,570 13,520 3,110 5,490 8,110 Miscellaneous expenses 83,540 450 1660 17.530 Salaries expense 45,940 felephone expense Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock b. The company's $17.530 equipment purchase is paid in cash c. Cash paid to employees is $1,230. The accounts payable balance of $8.110 consists of the $2,850 office supplies purchase and $5,260 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 $13.520 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting (Cesh outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 21 Cash flows from operating activities Cash received from customers Cash paid for office equipment Cash paid to employees Cash paid for telephone expenses Cash paid for miscellaneous expenses Cash paid for rent Cash flows from investing activities Cash flows from financing activities Cash investments from shareholders Cash balance, December Cash balance December 31 S D S