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Business
Accounting
Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31

Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31

FINANCIAL ACCOUNTING
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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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31
Transcribed Image Text:On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31
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