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 $83,850 in assets to launch the business. On December 31, the company's records show the following items and amounts. $11, 580 Cash withdrawals by owner Cash Accounts receivable 13, 860 Consulting revenue Office supplies 3,140 Rent expense Land 46,000 Salaries expense Office equipment 17, 820 Telephone expense Accounts payable 8,400 Miscellaneous expenses Owner investments 83, 850 $ 1.890 13,860 3,390 6,860 880 690 Also assume the following: a. The owner's Initial Investment consists of $37,850 cash and $46,000 in land. b. The company's $17,820 equipment purchase is paid in cash. c. Cash paid to employees is $1.600. The accounts payable balance of $8,400 consists of the $3.140 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 $13.860 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 Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 Cash flows from investing activities Cash flows from financing activities Cash balance, December 1 Cash balance, December 31 0 0 0 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 $83,850 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 11,580 13, 860 Cash withdrawals by owner Consulting revenue 3. 140 Rent expense 46,000 Salaries expense. 17. 820 Telephone expense 8. 400 Miscellaneous expenses 83,850 $ 1,890 13.860 3,390 6.860 880 690 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Answer is complete but not entirely correct. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities Cash Accounts receivable Land $ 11,580 Accounts payable $ 8,400 13,860 Accounts payable 8,400x 46,000 Office equipment Office supplies 17,820 ( Equity 3,140( Owner investments 83,8500 J. Ernst, Capital 84,000 Total equity 167,850 Total assets $ 92,400 Total liabilities and equity S 184,650