On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets
Question:
On 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 company’s records show the following items and amounts. Use this information to prepare a December income statement for the business.
Transcribed Image Text:
Cash....... $11,360 Cash dividends $ 2,000 Accounts receivable. 14,000 Consulting revenue. 14,000 Office supplies. 3,250 Rent expense... 3,550 Office equipment . 18,000 Salaries expense. 7,000 Land.... 46,000 Telephone expense. 760 Accounts payable . 8,500 Miscellaneous expenses.. 580 Common stock . 84,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
Revenues Consulting revenue Total Revenue Expenses Mi...View the full answer
Answered By
Antony Mutonga
I am a professional educator and writer with exceptional skills in assisting bloggers and other specializations that necessitate a fantastic writer. One of the most significant parts of being the best is that I have provided excellent service to a large number of clients. With my exceptional abilities, I have amassed a large number of references, allowing me to continue working as a respected and admired writer. As a skilled content writer, I am also a reputable IT writer with the necessary talents to turn papers into exceptional results.
4.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Question Posted:
Students also viewed these Business questions
-
Use this information to prepare a net worth analysis of Slicks girlfriend. Steve (Slick) Willy, 45, just got out of jail. As a reformed citizen on parole, Slick decides to go into business for...
-
Prepare a multiplestep income statement for 2020 for Howell Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology) Howell...
-
Compute net income. Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 19,300...
-
The team's velocity has been 20 story points/sprint. They have 200 points remaining in the backlog for this release. The sprint length is two weeks. How many more weeks will it take to complete the...
-
Write the structural formula for each of the following compounds. a. 3-ethyl-1-pentene b. 1,1,2,2-tetraphenylethane c. 1-phenyl-2-butanone d. Cyclopentanone
-
Bonds Payable has a balance of $500,000, and Discount on Bonds Payable has a balance of $22,000. If the issuing corporation redeems the bonds at 97, is there a gain or loss on the bond redemption?
-
One way to double the capacitance of a parallel-plate capacitor is to reduce the plate separation distance by a factor of 2. Doubling the capacitance of a spherical capacitor is a bit more complex,...
-
1. What are the two meanings of corporate ethics in organizations today? What does each definition imply for IT practices? How does the economic environment affect this? 2. How does IT provide more...
-
You plan to deploy a dockerized application in an AWS ECS cluster. The application needs access to an S 3 bucket to read files. The ECS containers should have the AmazonS 3 ReadOnlyAccess permission....
-
A firm needs to fully satisfy the demand, which is fixed to 900 units and generates unit revenue of $10. However, its production is subject to the random yield. That is, only a random percentage of...
-
Return on assets for Deutsche Auto for each of the last three years follows. Over the three-year period shown, did the companys return on assets improve or worsen? Current Year 1 Year Ago 2 Years Ago...
-
Use the following information to prepare a statement of cash flows for Studio One for the month ended December 31. The cash balance at the start of December 1 was $1,000. $ 2,000 Cash paid for...
-
Rationalize each denominator. Assume that all variables represent positive real numbers. -7 48
-
Write short note on "Objectives of International Monetary System".
-
The estimated supply function for avocados is Q = 58 + 15p - 20pf, where p is the price of avocados and pf is the price of fertilizer. The price elasticity of supply, estimated at p = 4 and pf = 10,...
-
The Tillamook Dairy Cooperative makes cheddar cheese and the market structure of the cheddar cheese industry is monopolistic competition. Suppose that currently each cheese making firm incurs a loss....
-
Find the value of x that makes the equivalent annual worth in years 1 through 10 equal to $400 per year. Use an interest rate of 10% per year. The cash flows in year 0 and year 10 has an unknown...
-
Your roommate, Allison Albright, is a non-business major. When she discovered that you are taking a course in Organizational Behavior, she was thoroughly confused as to why one would need to study OB...
-
Let A be a constant n x n matrix, and suppose u(t) is a solution to the system (a) Show that all derivatives dku/dtk k = 1, 2....... are also solutions. (b) Show that 4-A dt d'u LI =Atu. dtk
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
Use the information in the following table to compute each department's contribution to overhead (both in dollars and as a percent). Which department contributes the largest dollar amount to total...
-
Compute return on assets for each of these Best Buy divisions (each is an investment center). Comment on the relative performance of each investmentcenter. Investment Center Cameras and camcorders...
-
Refer to information in QS 9-7. Assume a target income of 12% of average invested assets. Compute residual income for each of Best Buys divisions.
-
NSW REAL ESTATE Explain the relevance of budgets and financial reporting in Property Management including who a Property Manager would need to report such activities to on some occasions.
-
Determine the life-time value of an acquired customer (V). Show your work. Assuming the customer will renew policy for 5 years and our average premium for this demographic group is $950 per year and...
-
The partnership agreement of Julie and Cathy provides for yearly salary allowances to Julie of $120,000 and to Cathy of $96,000. Each partner will also receive an interest allowance of 10% on their...
Study smarter with the SolutionInn App