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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 $85.050 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. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Connon stock $ 7,950 Cash dividends 17,45 Consulting revenue 4,200 Rent expense 19,860 Salaries expense 46,810 Telephone expense 9,439 Miscellaneous expenses 85,85e $ 3,070 17,45 4,53 8, ege 880 698 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's Initial Investment consists of $39,040 cash and $46,010 in land in exchange for its common stock b. The company's $19,060 equipment purchase is paid in cash. C. Cash paid to employees is $2.860. The accounts payable balance of $9.430 consists of the $4.200 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 $17.450 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.) Answer is not complete. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers 5 Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses 0 (4,530) (880) (690) (8,090) S (14.190) Cash paid to employees Net cash used by operating activities Cash flows from investing activities Cash paid for office equipment 19,060 > 19.080 Net cash used by investing activities Cash flows from financing activities Cash dividends to shareholders Cash investments from shareholders Olo 3,070 x 39,040 42, 110 7,950 Net increase in cash Cash balance, December 1 Cash balance, December 31 S 7.950