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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in exchange fom s common stock to launch the business. On December 31, the company's records show the following items and amounts. Use this formation to prepare a December income statement for the business. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock $ 12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in exchange fom s common stock to launch the business. On December 31, the company's records show the following items and amounts. Use this formation to prepare a December income statement for the business. Cash Accounts receivable office supplies Land office equipment Accounts payable Common stock $ 12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 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. Use this information to prepare a December income statement for the business. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660
Transcribed Image Text:On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 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. Use this information to prepare a December income statement for the business. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660
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