[The following information applies to the questions displayed below.JOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.Cash$ 11,360Cash dividends$ 2,000Accounts receivable 14,000Consulting revenue 14, 000Office supplies3, 250Rent expense3, 550Office equipment 18,000Salaries expense7,000Land46,000 Telephone expense760Accounts payable8, 500Miscellaneous expenses580 Common stock84,000 Using the above information prepare a December income statement for the business
[The following information applies to the questions displayed below.JOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.Cash$ 11,360Cash dividends$ 2,000Accounts receivable 14,000Consulting revenue 14, 000Office supplies3, 250Rent expense3, 550Office equipment 18,000Salaries expense7,000Land46,000 Telephone expense760Accounts payable8, 500Miscellaneous expenses580 Common stock84,000 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.JOn December 1, Jasmin Ernst organized Ernst
Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the
business. On December 31, the companys records show the following items and amounts.Cash$ 11,360Cash dividends$
2,000Accounts receivable 14,000Consulting revenue 14, 000Office supplies3, 250Rent expense3, 550Office equipment
18,000Salaries expense7,000Land46,000 Telephone expense760Accounts payable8, 500Miscellaneous expenses580
Common stock84,000 Using the above information prepare a December income statement for the business](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e2a0e77-4d61-441c-8985-f700b2900861%2Fe59895ea-308f-49eb-b277-bb9e74de49a3%2F8fi70cq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.JOn December 1, Jasmin Ernst organized Ernst
Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the
business. On December 31, the companys records show the following items and amounts.Cash$ 11,360Cash dividends$
2,000Accounts receivable 14,000Consulting revenue 14, 000Office supplies3, 250Rent expense3, 550Office equipment
18,000Salaries expense7,000Land46,000 Telephone expense760Accounts payable8, 500Miscellaneous expenses580
Common stock84,000 Using the above information prepare a December income statement for the business
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