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 $84,580 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 $ 9,390 Cash withdrawals by owner 16,020 3,830 Rent expense 45,980 Consulting revenue Salaries expense Accounts payable Owner investments 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 $ 2,650 16,020 4,190 7,570 830 650 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,600 cash and $45,980 in land. b. The company's $18,550 equipment purchase is paid in cash. c. Cash paid to employees is $2,340. The accounts payable balance of $9,060 consists of the $3,830 office supplies purchase and $5,230 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 $16,020 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