On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Cash withdrawals by owner Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 12,410 Total revenues $ 12,410 Expenses Salaries expense 5,300 Rent expense 2,140 Telephone expense 750 Miscellaneous expenses 560
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Cash withdrawals by owner Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 12,410 Total revenues $ 12,410 Expenses Salaries expense 5,300 Rent expense 2,140 Telephone expense 750 Miscellaneous expenses 560
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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 $82,650 in assets to
launch the business. On December 31, the company's records show the following items and amounts.
Cash
Accounts receivable
Office supplies
Land
Office equipment
Accounts payable
Owner investments
$ 15,200 Cash withdrawals by owner
12,410 Consulting revenue
1,770 Rent expense
46,080 Salaries expense
16,450 Telephone expense
6,060 Miscellaneous expenses
82,650
$ 460
12,410
2,140
5,300
750
560
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
For Month Ended December 31
Revenues
Consulting revenue
$
12,410
Total revenues
2$
12,410
Expenses
Salaries expense
5,300
Rent expense
2,140
Telephone expense
750
Miscellaneous expenses
560](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f56c6c-5b73-4baf-bee8-74c447a5cc66%2F46f60438-d18a-4b23-9330-ab6a5ca2ba89%2F8li4x9l_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $82,650 in assets to
launch the business. On December 31, the company's records show the following items and amounts.
Cash
Accounts receivable
Office supplies
Land
Office equipment
Accounts payable
Owner investments
$ 15,200 Cash withdrawals by owner
12,410 Consulting revenue
1,770 Rent expense
46,080 Salaries expense
16,450 Telephone expense
6,060 Miscellaneous expenses
82,650
$ 460
12,410
2,140
5,300
750
560
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
For Month Ended December 31
Revenues
Consulting revenue
$
12,410
Total revenues
2$
12,410
Expenses
Salaries expense
5,300
Rent expense
2,140
Telephone expense
750
Miscellaneous expenses
560
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