Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

On December $1.$ Jasmin Emst organized Emst Consulting. On December $3,$ the owner contributed $$84,780$ 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.

Exercise $1-21($Algo$)$ Preparing a statement of cash flows LO P$2$

Also assume the following:

a$.$ The owner's initial investment consists of $$38,800$ cash and $$45,980$ in land in exchange for its common stock.

b$.$ The company's $$18,660$ equipment purchase is paid in cash.

c$.$ Cash paid to employees is $$2,500.$ The accounts payable balance of $$9,170$ consists of the $$3,930$ office supplies purchase and $$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 $$16,540$ 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.

$\backslash$table$[[$ERNST CONSULTING,,$],[$Statement of Cash Flows,,$],[$For Month Ended December $31,,],[$Cash flows from operating activities,$5,],[$Cash received from customers,,$],[,,],[,,],[$Cash flows from investing activities,,$],[,,],[,,],[$Cash flows from financing activities,,$],[,,],[,,],[$Cash balance, December $1,,]]$