Ee.50. On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amountsCashAccounts receivableOffice suppliesoffice equipmentLandAccounts payableCommon stock$ 14,550 Cash dividends12,948 Consulting revenue2,400 Rent expense17,020 Salaries expense45,860 Telephone expense7,820 Miscellaneous expenses83,110Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome Statement$ 1,12012,9402,6405,928800620

Income Statement of Ernst Consulting for the period ended 31 December,YYYY Particulars Amount…

Answered: Using the above information prepare a…

Business

Accounting

Using the above information prepare a December income statement for the business.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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Question

Ee.50.

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 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
Accounts receivable
Office supplies
office equipment
Land
Accounts payable
Common stock
$ 14,550 Cash dividends
12,948 Consulting revenue
2,400 Rent expense
17,020 Salaries expense
45,860 Telephone expense
7,820 Miscellaneous expenses
83,110
Using the above information prepare a December income statement for the business.
ERNST CONSULTING
Income Statement
$ 1,120
12,940
2,640
5,928
800
620

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