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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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock

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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.23E: Income statement Based on the Amazon.com, Inc., financial statement data shown in Exercise 1-22,...
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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. $ 1,570 $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Accounts receivable 13,520 3,110 6,490 Office supplies Land Office equipment Accounts payable Common stock 850 660
Transcribed Image Text: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. $ 1,570 $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Accounts receivable 13,520 3,110 6,490 Office supplies Land Office equipment Accounts payable Common stock 850 660
Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
Transcribed Image Text:Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement
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