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 $84,200 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 Common stock $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense. 18,170 Salaries expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,170 cash and $46,030 in land in exchange for its common stock. b. The company's $18,170 equipment purchase is paid in cash. c. Cash paid to employees is $1.980. The accounts payable balance of $8,630 consists of the $3,450 office supplies purchase and $5,180 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 $14,600 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 69 $ Cash flows from investing activities Cash flows from financing activities Cash balance, December 1 Cash balance, December 31 0 $ 0 $ LA 0