Please do not give solution in image format thanku Also assume the following:a. The owner's initial investment consists of $37,050 cash and $45,960 in land in exchange for its common stock.b. The company's $16,900 equipment purchase is paid in cash.c. Cash paid to employees is $400. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and$5,380 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 $12,820 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 activitiesCash balance, December 1Cash balance, December 31$0$$0000 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableoffice suppliesOffice equipmentLandAccounts payableCommon stock$ 14,890 Cash dividends12,8202,290Consulting revenueRent expense16,900 Salaries expense45,960 Telephone expense7,670 Miscellaneous expenses83,010$ 93012,8202,5305,780790610

It is important for the business entity to prepare the Cash flow statement which can determine the…

a. The owner's initial investment consists of $37,050 cash and $45,960 in land in exchange for its common stock. b. The company's $16,900 equipment purchase is paid in cash. c. Cash paid to employees is $400. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 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 $12,820 consulting revenue earned.

a. The owner's initial investment consists of $37,050 cash and $45,960 in land in exchange for its common stock. b. The company's $16,900 equipment purchase is paid in cash. c. Cash paid to employees is $400. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 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 $12,820 consulting revenue earned.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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