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ork Saved Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On December 1,

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ork Saved Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On December 1, Jasmin Emst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 office supplies Office equipment Land Accounts payable Common stock $ 15,760 Cash dividends 12,590 Consulting revenue 1,960 Rent expense 16,580 Salaries expense 46,030 Telephone expense 7.250 Miscellaneous expenses 82,780 $ 640 12,590 2,270 5,450 750 580 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Aiso assume the following: a. The owner's initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock, b. The company's $16,580 equipment purchase is paid in cash. c. Cash paid to employees is $160. The accounts payable balance of $7.250 consists of the $1.960 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 $12,590 consulting revenue eamed Using the above information prepare a December statement of cash flows for Ernst Consulting (Cash outflows should be indicated by o minus sign.) ! Required information 0 ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Cash paid to employees $ 0 Cash flows from investing activities Cash paid for office equipment 0 Cash flows from financing activities 0 Cash balance, December 1

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