please explain in an organized way, i will rate thank you 1.

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 $83,010 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 income statement for the busintss. Using the above information prepare a December statement of retained earnings for Ernst 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 $37,050 cash and $45,960 in land in exchange for its common stock. b. The company's $16,900 equipment purchase is paid in cash. c. Cash paid to employees is $400. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 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 $12,820 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. (1) Required information \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ For Month Ended December 31 } \\ \hline Cash flows from operating activities & & & \\ \hline & Cash received from customers & & \\ \hline & & & \\ \hline & & & \\ \hline Cash flows from investing activities & & \\ \hline & & & \\ \hline & & & \\ \hline Cash flows from financing activities & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Cash balance, December 1 & & \\ \hline \end{tabular} Prev 4 of 4 Next