Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Revenues $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses. 84,780 ERNST CONSULTING Income Statement Consulting revenue 0 $ 2,830 16,540 4,300 7,740 850 670
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Revenues $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses. 84,780 ERNST CONSULTING Income Statement Consulting revenue 0 $ 2,830 16,540 4,300 7,740 850 670
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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Please do not give solution in image format
![Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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
Exercise 1-18 (Algo) Preparing an income statement LO P2
Using the above information prepare a December income statement for the business.
Revenues
$8,990 Cash dividends
16,540 Consulting revenue
3,930 Rent expense
18,660 Salaries expense
45,980 Telephone expense
9,170 Miscellaneous expenses
84,780
ERNST CONSULTING
Income Statement
Consulting revenue
0
$ 2,830
16,540
4,300
7,740
850
670](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1c5f6ac-7ad6-47e4-8397-f772eb2b95f5%2F7459147a-6e54-4991-9e27-5e0281ff9459%2Fnyo84l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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
Exercise 1-18 (Algo) Preparing an income statement LO P2
Using the above information prepare a December income statement for the business.
Revenues
$8,990 Cash dividends
16,540 Consulting revenue
3,930 Rent expense
18,660 Salaries expense
45,980 Telephone expense
9,170 Miscellaneous expenses
84,780
ERNST CONSULTING
Income Statement
Consulting revenue
0
$ 2,830
16,540
4,300
7,740
850
670
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