Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580
Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Use the following information for the Exercises below. (Static)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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
$ 11,360 Cash dividends
14,000
3,250
Consulting revenue
Rent expense
18,000
Salaries expense
46,000 Telephone expense
8,500
84,000
Miscellaneous expenses
$ 2,000
14,000
3,550
7,000
760
580](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda8fc3ab-411b-46d9-806c-95f599ffb9ac%2Ff5dfe40b-c1ad-43f4-b727-2560d11524c5%2F76c013t_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Static)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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
$ 11,360 Cash dividends
14,000
3,250
Consulting revenue
Rent expense
18,000
Salaries expense
46,000 Telephone expense
8,500
84,000
Miscellaneous expenses
$ 2,000
14,000
3,550
7,000
760
580
Transcribed Image Text:Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
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