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 in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Canh Accounts receivable Office supplies ottice equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 Consulting revenge 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense 8,230 Miscellaneous expenses 83,660 5 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 $37720 cash and $45.940 in land in exchange for its common stock b. The company's $17710 equipment purchase is paid in cash. c. Cashpoid to employees is $1,450. The accounts payable bolonce 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. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 Cash balance, December 1 Cash balance, December 31 $ 0 Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] As of December 31 of the current year, Armani Company's records show the following, Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, December 31, prior year Retained earnings, December 31, current year Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $ 11,600 10,600 7,600 6,600 14,200 15,600 4,600 6,600 14,600 36,200 25,200 21,600 13,600 9,600 Required: Prepare the income statement for Armani Company for the current year ended December 31. ARMANI COMPANY Income Statement For Current Year Ended December 31 ces Revenues Consulting revenue Rental revenue 36,200 25,200 $ 61,400 Total revenues Expenses Salaries expense Selling and administrative expenses 21,600 9,600 Total expenses 31,200