Required information (The folowing information applies to the questions displayed below On December 1, Jasmin Emst organized Emst Consulting. On December 3, the owner contributed $34,000 in assets to launch the business. On December 31, the company's records show the following items and amounts 111,340 Caah vithdraval by ouner 14,400 Conulting zevwue Cesh Aecounta receivable oetiee supplies tand 1, 100 14, 0 3,250 hent epenae 6.000 Balaies expense 18, 00 Telephone expense .500 MIllaneou genses 4,000 ottiee equipnent Accounta payable Owner investnente Also assume the following a. The owners initial investment consists of $38,000 cash and $46.000 in land. b. The company's $18,000 equipment purchase is paid in cash c. Cash paid to employees is $1750. The accounts payable balance of s8.500 consists of the $3.250 offce supolies purchase and $5.250 in employee salaries yet to be paid d. The companys rent expense, telephone expense, and miscellaneous experses are paid in cash e. No cash has yet been collected on the $14,000 consuiting revenue eamed Using the above information prepare a December statement of cash flows for Ermst Consulting (Cash outfiows should be indicated by a minus sign.)

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.