On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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 $9,750 Cash withdrawals by owner 15,620 Consulting revenue 3,710 Rent expense 45,970 Salaries expense 18,450 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Using the above information prepare a December income statement for the business. O
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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 $9,750 Cash withdrawals by owner 15,620 Consulting revenue 3,710 Rent expense 45,970 Salaries expense 18,450 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Using the above information prepare a December income statement for the business. O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![28:43
!
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 $84,470 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
$ 9,750 Cash withdrawals by owner
Consulting revenue
15,620
3,710
Rent expense
45,970 Salaries expense
18,450 Telephone expense
8,900 Miscellaneous expenses
84,470
$ 2,530
15,620
4,070
7,450
810
630
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d3727cf-dee8-46e0-aed9-115f217b8035%2Fdd1d42b0-1ea3-4f2b-91de-1084f240aac7%2F6t2gi0e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:28:43
!
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 $84,470 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
$ 9,750 Cash withdrawals by owner
Consulting revenue
15,620
3,710
Rent expense
45,970 Salaries expense
18,450 Telephone expense
8,900 Miscellaneous expenses
84,470
$ 2,530
15,620
4,070
7,450
810
630
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
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