Create an income statement:

On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner

contributed $$83,540$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $12,650$ Cash dividends $ $1,570$

Accounts receivable $13,520$ Consulting revenue $13,520$

Office supplies $2,850$ Rent expense $3,110$

Office equipment $17,530$ Salaries expense $6,490$

Land $45,940$ Telephone expense $850$

Accounts payable $8,110$ Miscellaneous expenses $660$

Common stock $83,540$On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$83,540$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $12,650$ Cash dividends $ $1,570$

Accounts receivable $13,520$ Consulting revenue $13,520$

Office supplies $2,850$ Rent expense $3,110$

Office equipment $17,530$ Salaries expense $6,490$

Land $45,940$ Telephone expense $850$

Accounts payable $8,110$ Miscellaneous expenses $660$

Common stock $83,540$

Answer rating: 100% (QA)

a Subscription Receivable 21850 1150 subscriptions 19 per subscription Cash 21850 Explanation The fi... View the full answer