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 $85,050 in assets t 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 $7,950 Cash withdrawals by owner 17,450 Consulting revenue 4,200 Rent expense 46,010 Salaries expense 19,060 Telephone expense 9,430 Miscellaneous expenses 85,050 ERNST CONSULTING Income Statement $ 3,070 17,450 4,530 8,090 880 690 Using the above information prepare a December income statement for the business.
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 $85,050 in assets t 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 $7,950 Cash withdrawals by owner 17,450 Consulting revenue 4,200 Rent expense 46,010 Salaries expense 19,060 Telephone expense 9,430 Miscellaneous expenses 85,050 ERNST CONSULTING Income Statement $ 3,070 17,450 4,530 8,090 880 690 Using the above information prepare a December income statement for the business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $85,050 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
$ 7,950 Cash withdrawals by owner
17,450
4,200
Consulting revenue
Rent expense
46,010 Salaries expense
19,060 Telephone expense
9,430 Miscellaneous expenses
85,050
$ 3,070
17,450
4,530
8,090
880
690
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%2Fbec20c07-3200-474b-9b3d-a0700570ce7e%2F4ad828fe-62df-47eb-bcc4-ea358db889d8%2Figcysd_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 $85,050 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
$ 7,950 Cash withdrawals by owner
17,450
4,200
Consulting revenue
Rent expense
46,010 Salaries expense
19,060 Telephone expense
9,430 Miscellaneous expenses
85,050
$ 3,070
17,450
4,530
8,090
880
690
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
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