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

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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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