[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 to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Revenues $ 11,360 14,000 Consulting revenue Net income Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Cash withdrawals by owner Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 0 S
[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 to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Revenues $ 11,360 14,000 Consulting revenue Net income Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Cash withdrawals by owner Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 0 S
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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 to
launch the business. On December 31, the company's records show the following items and amounts.
Cash
Accounts receivable
office supplies
Land
office equipment
Accounts payable
Owner investments
Revenues
$ 11,360
14,000
Consulting revenue
Net income
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
Cash withdrawals by owner
Consulting revenue
3,250
Rent expense
46,000
Salaries expense
18,000 Telephone expense
8,500 Miscellaneous expenses
84,000
0
< Prev
$ 2,000
14,000
3,550
7,000
760
580
2
Sim
3
4
of 5
⠀
Score answer >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f13de0d-8ee2-4557-ab0a-aa1afa2929f4%2F43bdfbb2-c3e0-40f0-9e13-2b69a47d1bf3%2Fxrec52i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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 to
launch the business. On December 31, the company's records show the following items and amounts.
Cash
Accounts receivable
office supplies
Land
office equipment
Accounts payable
Owner investments
Revenues
$ 11,360
14,000
Consulting revenue
Net income
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
Cash withdrawals by owner
Consulting revenue
3,250
Rent expense
46,000
Salaries expense
18,000 Telephone expense
8,500 Miscellaneous expenses
84,000
0
< Prev
$ 2,000
14,000
3,550
7,000
760
580
2
Sim
3
4
of 5
⠀
Score answer >
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