[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

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Description: Please do not give solution in image format ? [The following information applies to the questions displayed below.JOn December 1, Jasmin Ernst organized ErnstConsulting. On December 3, the owner contributed $84,000 in assets in exchange for its commo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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