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

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

FINANCIAL ACCOUNTING
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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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 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 $ 14,550 Cash dividends 12,948 Consulting revenue 2,400 Rent expense 17,020 Salaries expense 45,860 Telephone expense 7,820 Miscellaneous expenses 83,110 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 1,120 12,940 2,640 5,928 800 620
Transcribed Image Text:On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 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 $ 14,550 Cash dividends 12,948 Consulting revenue 2,400 Rent expense 17,020 Salaries expense 45,860 Telephone expense 7,820 Miscellaneous expenses 83,110 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 1,120 12,940 2,640 5,928 800 620
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