The following information applies to the questions displayed below.] On December 1, JasminErnst organized Ernst Consulting. On December 3, the owner contributed $82, 780 in assets tolaunch the business. On December 31, the company's records show the following items andamounts. Cash $ 15,760 Cash withdrawals by owner $ 640 Accounts receivable 12,590 Consultingrevenue 12,590 Office supplies 1,960 Rent expense 2, 270 Land 46,030 Salaries expense 5, 450Office equipment 16,580 Telephone expense 760 Accounts payable 7, 250 Miscellaneousexpenses 580 Owner investments 82,780

The income statement is a financial statement which shows the total revenue and total expenditure of…

Answered: Owner investments 82,780

Business

Accounting

Owner investments 82,780

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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