[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 $ 15,760 Cash dividends $ 640 Accounts receivable 12,590 Consulting revenue 12,590 Office supplies 1,960 Rent expense 2,270 Office equipment 16,580 Salaries expense 5,450 Land 46,030 Telephone expense 760 Accounts payable 7,250 Miscellaneous expenses 580 Common stock 82,780 Using the above information prepare a December income statement for the business.
[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 $ 15,760 Cash dividends $ 640 Accounts receivable 12,590 Consulting revenue 12,590 Office supplies 1,960 Rent expense 2,270 Office equipment 16,580 Salaries expense 5,450 Land 46,030 Telephone expense 760 Accounts payable 7,250 Miscellaneous expenses 580 Common stock 82,780 Using the above information prepare a December income statement for the business.
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 $82,780 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 | $ 15,760 | Cash dividends | $ 640 |
| 12,590 | Consulting revenue | 12,590 | |
| Office supplies | 1,960 | Rent expense | 2,270 |
| Office equipment | 16,580 | Salaries expense | 5,450 |
| Land | 46,030 | Telephone expense | 760 |
| Accounts payable | 7,250 | Miscellaneous expenses | 580 |
| Common stock | 82,780 |
Using the above information prepare a December income statement for the business.
Transcribed Image Text:ERNST CONSULTING
Income Statement
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