On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 in...

 

Transcribed Image Text:

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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 $ 13,840 Cash dividends Accounts receivable 13,140 Consulting revenue Office supplies 2,530 Rent expense Office equipment Land 45,840 Accounts payable Common stock 17,200 Salaries expense Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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 $ 13,840 Cash dividends Accounts receivable 13,140 Consulting revenue Office supplies 2,530 Rent expense Office equipment Land 45,840 Accounts payable Common stock 17,200 Salaries expense Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630

Answer rating: 100% (QA)

Ernst Consulting Income Statement For the Month En... View the full answer