5 of 4 ook int rint rences 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 Cash Accounts receivable office supplies Office equipment Land Accounts payable Common stock 12 040 Cash dividends 13 720 Consulting revenue 2 990 Rent expense 17 710 Salaries expense 45 940 Telephone expense 8 230 Miscellaneous expenses 83 660 Cash flows from operating activities Also assume the following a The owner s initial investment consists of 37 720 cash and 45 940 in land in exchange for its common stock b The company s 17 710 equipment purchase is paid in cash c Cash paid to employees is 1 450 The accounts payable balance 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 1 760 13 720 3 210 6 690 870 680 Using the above information prepare a December statement of cash flows for Ernst Consulting Note Cash outflows should be indicated by a minus sign ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Check my