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 900 Accounts payable 9,600 Miscellaneous expenses 710 Common stock 85,160 Use the above information to prepare a December 31 balance sheet for Ernst Consulting, ERNST CONSULTING Balance Sheet December 31 Assets Liabilities $ $ 9,600 Cash Land Accounts receivable Office equipment Office supplies 9,600 7,520 Accounts payable 46,000 17,950 19,190 4310 Common stock Retained earnings Equity 85.160 210 Total equity $ 94,970 85,370 94.970 Total assets $ Required information The following information apples 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 Accounts receivable Office supplies Office equipment Land Accounts payable Connon stock $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17.950 4,720 8,220 900 710 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 $9,600 consists of the $4,310 office supplies purchase 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customer $ Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Cash paid to employees 0 14.720) (900) 710) 12.930) $ (9.260) Net cash used by operating activities Cashflows from investing acts Cash paid for ice equipment (19,190) (19.130) Cashows from financing activities Cash investments from shareholders Cash dividends to shareholders (3.190) (3.190) 7.520 Netcash provided by financing activities Not increase in cash Cash balance, December 1 Cash balance, December 31 $ 7.520 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 $84,000 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 $ 11,360 Cash dividends $ 2,000 Accounts receivable 14,000 Consulting revenue 14,000 office supplies 3,250 Rent expense 3,550 office equipment 18,000 Salaries expense 7,000 Land 46,000 Telephone expense 760 Accounts payable 8,500 Miscellaneous expenses 580 Common stock 84,000 Use the above information to prepare a December 31 balance sheet for Ernst Consulting, ERNST CONSULTING Balance Sheet December 31 Liabilities $ $ 8,500 Assets Cash Accounts receivable office supplies office equipment Land 8,500 11,360 (Accounts payable 14,000 3,250 Total liabilities 18,000 46,000 Common stock Retained earnings 84,000 110 Total equity 92,610 Total abilities and equity 84,110 92,610 Total assets $ $ 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 900 Accounts payable 9,600 Miscellaneous expenses 710 Common stock 85,160 Use the above information to prepare a December 31 balance sheet for Ernst Consulting, ERNST CONSULTING Balance Sheet December 31 Assets Liabilities $ $ 9,600 Cash Land Accounts receivable Office equipment Office supplies 9,600 7,520 Accounts payable 46,000 17,950 19,190 4310 Common stock Retained earnings Equity 85.160 210 Total equity $ 94,970 85,370 94.970 Total assets $ Required information The following information apples 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 Accounts receivable Office supplies Office equipment Land Accounts payable Connon stock $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17.950 4,720 8,220 900 710 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 $9,600 consists of the $4,310 office supplies purchase 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customer $ Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Cash paid to employees 0 14.720) (900) 710) 12.930) $ (9.260) Net cash used by operating activities Cashflows from investing acts Cash paid for ice equipment (19,190) (19.130) Cashows from financing activities Cash investments from shareholders Cash dividends to shareholders (3.190) (3.190) 7.520 Netcash provided by financing activities Not increase in cash Cash balance, December 1 Cash balance, December 31 $ 7.520 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 $84,000 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 $ 11,360 Cash dividends $ 2,000 Accounts receivable 14,000 Consulting revenue 14,000 office supplies 3,250 Rent expense 3,550 office equipment 18,000 Salaries expense 7,000 Land 46,000 Telephone expense 760 Accounts payable 8,500 Miscellaneous expenses 580 Common stock 84,000 Use the above information to prepare a December 31 balance sheet for Ernst Consulting, ERNST CONSULTING Balance Sheet December 31 Liabilities $ $ 8,500 Assets Cash Accounts receivable office supplies office equipment Land 8,500 11,360 (Accounts payable 14,000 3,250 Total liabilities 18,000 46,000 Common stock Retained earnings 84,000 110 Total equity 92,610 Total abilities and equity 84,110 92,610 Total assets $ $