plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Consulting revenue1,77046,080 Salaries expense16,450 Telephone expense6,060 Miscellaneous expenses82,650Cash withdrawals by owner$ 46012,4102,1405,300Rent expense750560e a DecemberIG Required information[The following information applies tothe questions displayed below.]On December 1, Jasmin Ernst organizedErnst Consulting. On December 3, theowner contributed $82,650 in assets tolaunch the business. On December 31,the company's records show thefollowing items and amounts.$ 15,200 Cash wit12,410 Consulti1,770 Rent exp46,080 Salaries16,450 Telephon6,060 Miscella82,650CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investmentsUsing the above information prepare a Decemberincome statement for the business.ERNST CONSULTINGIncome Statement

Name: plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Co
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Description: plies toN.]organizeder 3, thei assets toember 31,the$ 15,20012,410 Consulting revenue1,77046,080 Salaries expense16,450 Telephone expense6,060 Miscellaneous expenses82,650Cash withdrawals by owner$ 46012,4102,1405,300Rent expense750560e a DecemberIG

Net income = Total revenue - Total expenses

Business

Accounting

plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 Rent expense 750 560 e a December

plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 Rent expense 750 560 e a December

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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