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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

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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 $84,310 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. Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 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 $15,200 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outllows should be indicated by a minus sign. Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 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 $15,200 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. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign

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