B of 4 Book Hint Print erences Help Saved Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $ 7,950 Cash withdrawals by owner 17,450 Consulting revenue 4,200 Rent expense 46,010 19,060 Salaries expense Telephone expense 9,430 Miscellaneous expenses 85,050 $ 3,070 17,450 4,530 8,090 880 690 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement