IE Exercise $1-18($Algo$)$: Preparing an income statement LO P$2$

On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$82,780$ 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. Use this information to prepare a December income statement for the business.

Cash

Accounts receivable

Office supplies

Land

Office equipment

Accounts payable

Common stock $$15,760$

$12,590$

$1,960$

$46,030$

$16,580$

$7,250$

$82,780$

$$640$

$12,590$

$2,270$

$5,450$

$760$

$580$

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