[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Revenues $ 11,360 14,000 Consulting revenue Net income Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Cash withdrawals by owner Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 0 S
[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments Revenues $ 11,360 14,000 Consulting revenue Net income Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Cash withdrawals by owner Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 0 S
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter2: Asset And Liability Valuation And Income Recognition
Section: Chapter Questions
Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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