On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 Cash dividends Consulting revenue Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 84,000 ERNST CONSULTING Income Statement $ 11,360 14,000 3,250 Miscellaneous expenses Using the above information prepare a December income statement for the business. 0 $ 2,000 14,000 3,550 7,000 760 580

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3 , the owner contributed $84,000 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: Using the above information prepare a December income statement for the business