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Required Information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,850 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash $ 11, 580 withdrawals by owner $ 1, 890 Accounts receivable 13. 860 Consulting revenue 13, 860 Office supplies 3. 140 Rent expense 3. 390 Land 46, 000 Salaries expense 6. 860 Office equipment 17. 820 Telephone expense 880 Accounts payable 8. 400 Miscellaneous expenses 690 Owner investments 83. 850 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. X Answer is complete but not entirely correct. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities Cash $ 11,580 Accounts payable 2,400 Accounts receivable 13,860 Accounts payable X 8,400 (x Land 46,000 Office equipment 17,820 Equity Office supplies 3, 140 Owner investments X 83.850 (x J. Ernst, Capital 24,000 Total equity 167,850 Total assets 5 92,400 Total liabilities and equity 184,650Required Information [The following information applies to the questions displayed below.] On December 1. Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,850 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cach $ 11, 580 Cash withdrawals by owner $ 1, 890 Accounts receivable 13, 860 Consulting revenue 13, 860 Office supplies 3. 140 Rent expense 3, 390 Land 46. 000 Salaries expense 6. 860 Office equipment 17. 820 Telephone expense Accounts payable B, 400 Miscellaneous expenses 690 Owner investments 83. 850 Also assume the following: a. The owner's initial investment consists of $37,850 cash and $46,000 in land. . The company's $17,820 equipment purchase is paid in cash. :. Cash paid to employees is $1.600. The accounts payable balance of $8,400 consists of the $3,140 office supplies purchase and $5.260 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. ". No cash has yet been collected on the $13,860 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 complete but not entirely correct. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers Cash paid to employees (1,600) Cash paid for rent 3,390) Cash paid for telephone expenses (880) Cash paid for miscellaneous expenses (690) Net cash used by operating activities (6,560) Cash flows from investing activities Cash paid for office equipment O 17,820) Net cash used by investing activities (17,820) Cash flows from financing activities Cash withdrawals by owner (1,890) Cash investments by owner 26,270) (x Net cash provided by financing activities 23, 160) Net increase in cash (52,540) (30 Cash balance, December 1 1,580(x Cash balance, December 31