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 $84,000 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. Cash $ 11,360 Cash dividends $ 2,000 Accounts receivable 14,000 Consulting revenue 14,000 Office supplies 3,250 Rent expense 3,550 Office equipment Land 18,000 Salaries expense 7,000 46,000 Telephone expense 760 Accounts payable Common stock 8,500 Miscellaneous expenses 84,000 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
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 $84,000 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. Cash $ 11,360 Cash dividends $ 2,000 Accounts receivable 14,000 Consulting revenue 14,000 Office supplies 3,250 Rent expense 3,550 Office equipment Land 18,000 Salaries expense 7,000 46,000 Telephone expense 760 Accounts payable Common stock 8,500 Miscellaneous expenses 84,000 580 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 51P
Related questions
Question
hrl.3
answer must in table or i will give down vote
![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 $84,000 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.
Cash
$ 11,360
Cash dividends
$ 2,000
Accounts receivable
14,000
Consulting revenue
14,000
Office supplies
3,250
Rent expense
3,550
Office equipment
Land
18,000
Salaries expense
7,000
46,000
Telephone expense
760
Accounts payable
Common stock
8,500 Miscellaneous expenses
84,000
580
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%2F464bbac6-15dd-435d-90a0-723f7d79e781%2F4a3695f2-8d11-400a-b187-1e531d43f8d5%2Fajojbf_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 $84,000 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.
Cash
$ 11,360
Cash dividends
$ 2,000
Accounts receivable
14,000
Consulting revenue
14,000
Office supplies
3,250
Rent expense
3,550
Office equipment
Land
18,000
Salaries expense
7,000
46,000
Telephone expense
760
Accounts payable
Common stock
8,500 Miscellaneous expenses
84,000
580
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,