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 $83,220 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 $ 13,840 Cash dividends 13,140 Consulting revenue 2,530 Rent expense 17,200 Salaries expense 45,840 Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630
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 $83,220 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 $ 13,840 Cash dividends 13,140 Consulting revenue 2,530 Rent expense 17,200 Salaries expense 45,840 Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...
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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 $83,220 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
$ 13,840 Cash dividends
Consulting revenue
Rent expense
13, 140
2,530
17,200
Salaries expense
45,840 Telephone expense
7,810 Miscellaneous expenses
83,220
Using the above information prepare a December income statement for the business.
$ 1,280
13,140
2,770
6,120
820
630](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F352b46ea-4df2-4fa7-bd9b-89e8476e5e53%2Fb97bb301-9e93-4bdf-b603-313113e773ad%2Fk81y86l_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 $83,220 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
$ 13,840 Cash dividends
Consulting revenue
Rent expense
13, 140
2,530
17,200
Salaries expense
45,840 Telephone expense
7,810 Miscellaneous expenses
83,220
Using the above information prepare a December income statement for the business.
$ 1,280
13,140
2,770
6,120
820
630
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