Please do not give solution in image format thanku 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 $85,460 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the followingitems and amounts.CashAccounts receivableoffice suppliesoffice equipmentLandAccounts payableCommon stock$ 6,65018,6504,640Cash dividendsConsulting revenueRent expense19,560 Salaries expense46,000 Telephone expense9,890 Miscellaneous expenses85,460$ 3,49018,6504,9208,500890700Check my weAlso assume the following:a. The owner's initial investment consists of $39,460 cash and $46,000 in land in exchange for its common stock.b. The company's $19,560 equipment purchase is paid in cash.c. Cash paid to employees is $3,250. The accounts payable balance of $9,890 consists of the $4,640 office supplies purchase and$5,250 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 $18,650 consulting revenue earned.Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicatedby a minus sign.) ERNST CONSULTINGStatement of Cash FlowsFor Month Ended December 31Cash flows from operating activitiesCash received from customersCash flows from investing activitiesCash flows from financing activitiesRequired informationCash flows from operating activitiesCash received from customersCash flows from investing activitiesCash flows from financing activitiesCash balance, December 1Cash balance, December 31$$00

Name: Please do not give solution in image format thanku Required informatio
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku 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 $85,460 in assets