Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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 $ 12,040 Cash withdrawals by owner 13,720 Consulting revenue 2,990 Rent expense 45,940 Salaries expense) 17,710 Telephone expense 8,230 Miscellaneous expenses 83,660 $1,760 13,720 3,210 6,690 870 680 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $37.720 cash and $45,940 in land. b. The company's $17.710 equipment purchase is paid in cash. c. Cash paid to employees is $1,450. The accounts payable balance of $8.230 consists of the $2.990 office supplies purchase and $5,240 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 $13,720 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers Cash paid for telephone expenses EA $ 0 Cash paid to employees $ 0 Cash flows from investing activities Cash paid for office equipment Cash flows from financing activities Cash balance, December 1 Cash balance, December 31 69 0 0