On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010 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 Revenues Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Consulting revenue Expenses $ 14,890 12,820 2,290 Salaries expense Rent expense ERNST CONSULTING Income Statement As of December 31 16,900 45,960 7,670 83,010 Telephone expense Miscellaneous expenses Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 0 $ 930 12,820 2,530 5,780 790 610

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010 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. Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business