On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 in...

 

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends $ 2,830 16,540 Consulting revenue 16,540 Office supplies 3,930 Rent expense 4,300 Office equipment 18,660 Salaries expense 7,740 Land 45,980 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Expenses On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends $ 2,830 16,540 Consulting revenue 16,540 Office supplies 3,930 Rent expense 4,300 Office equipment 18,660 Salaries expense 7,740 Land 45,980 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Expenses

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