Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableOffice suppliesoffice equipmentLandAccounts payableCommon stock$ 10,200 Cash dividends15,200 Consulting revenue3,550 Rent expense18,310 Salaries expense45,990 Telephone expense8,740 Miscellaneous expenses84,310Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome Statement$ 2,34015,2003,9107,350790610

Lets understand the basics.There are various step of preparing final accounts which are,(1) Journal…

Answered: Using the above information prepare a…

Business

Accounting

Using the above information prepare a December income statement for the business.

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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Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 Office equipment Accounts payable Owner investments 690
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