[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 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 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 $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 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare a December income statement for the business.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 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
Consulting revenue
Rent expense
14,000
3,250
18,000
Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
ERNST CONSULTING
Income Statement
Using the above information prepare a December income statement for the business.
$ 2,000
14,000
3,550
7,000
0
760
580](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F548f144b-9127-46bb-ba4e-7cbbebe00421%2F82e75d0d-3800-4f3e-9924-65cf1ed421c9%2F15qvdmi_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 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
Consulting revenue
Rent expense
14,000
3,250
18,000
Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
ERNST CONSULTING
Income Statement
Using the above information prepare a December income statement for the business.
$ 2,000
14,000
3,550
7,000
0
760
580
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