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 $83,110 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 $ 1,120 Accounts receivable $ 14,550 Cash dividends Consulting revenue Rent expense 12,940 12,940 2,400 2,640 office supplies office equipment Land 17,020 Salaries expense 5,920 800 45, 860 Telephone expense 620 Accounts payable Common stock 7,820 Miscellaneous expenses 83, 110 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business.

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 $83,110 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 $ 1,120 Accounts receivable $ 14,550 Cash dividends Consulting revenue Rent expense 12,940 12,940 2,400 2,640 office supplies office equipment Land 17,020 Salaries expense 5,920 800 45, 860 Telephone expense 620 Accounts payable Common stock 7,820 Miscellaneous expenses 83, 110 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following information for the Exercises below. (Algo) Skip to question [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 in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 7,950 Cash dividends $ 3,070 Accounts receivable 17,450 Consulting revenue 17,450 Office supplies 4,200 Rent expense 4,530 Office equipment 19,060 Salaries expense 8,090 Land 46,010 Telephone expense 880 Accounts payable 9,430 Miscellaneous expenses 690 Common stock 85,050
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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 $83,010 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. $ 14,890 Cash dividends 12,820 Consulting revenue 2,290 16,900 Salaries expense 45,960 Telephone expense 7,670 Miscellaneous expenses $ 930 12,820 2,530 5,780 790 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Rent expense 610 83,010 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
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