f3 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 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 $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,990 Miscellaneous expenses 85,460 $3,490 18,650 4,920 8,500 890 700 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Answer is not complete. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Total revenues Revenues Rand 3 $ 18,650 4030 $ 18,650 Retu 3 Required information Answer is not complete. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Total revenues Revenues $ 18,650 Rent expense 4,920 Salaries expense 8,500 Telephone expense 890 Miscellaneous expenses 700 Cash Total expenses Net income $ 18,650 15,010 10 2 of 3 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 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 $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense $3,490 18,650 4,920 8,500 9,890 Miscellaneous expenses 85,460 890 700I 46,000 Telephone expense Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Answer is not complete. ERNST CONSULTING Statement of Retained Earning For Month Ended December 31 Retained earnings, December 1 $ 0 Add: Net income Add: Net income Less: Dividends Retained earnings, December 31 0 [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 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 $6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 46,000 Telephone expense Salaries expense 9,890 Miscellaneous expenses 85,460 $ 3,490 18,650 4,920 8,500 890 700 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet