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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 $84,200 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 Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600

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 $84,200 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 Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 $84,200 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 Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600 

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 $84,200 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 Accounts receivable office supplies Office Land pent Accounts payable Common stock $10,710 Cash vide 14,608 3,450 16,178 Consulting revenue et expans salaries expense Telephone expense 46,41 8,48 Miscellaneous expenses Using the above information prepare a December income statement for the business ERNST CONSULTING Income Statement $ 2,00 24,600 3,750 7,100 200 500
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 $84,200 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 Accounts receivable office supplies Office Land pent Accounts payable Common stock $10,710 Cash vide 14,608 3,450 16,178 Consulting revenue et expans salaries expense Telephone expense 46,41 8,48 Miscellaneous expenses Using the above information prepare a December income statement for the business ERNST CONSULTING Income Statement $ 2,00 24,600 3,750 7,100 200 500
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