On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends $ 2,830 16,540 Consulting revenue 16,540 Office supplies 3,930 Rent expense 4,300 Office equipment 18,660 Salaries expense 7,740 Land 45,980 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Expenses On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $ 8,990 Cash dividends $ 2,830 16,540 Consulting revenue 16,540 Office supplies 3,930 Rent expense 4,300 Office equipment 18,660 Salaries expense 7,740 Land 45,980 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue Expenses
Expert Answer:
Answer rating: 100% (QA)
The income statement is given below Ernst Consulting Income State... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Green Lawn Company sells garden supplies. Management is planning its cash needs for the second quarter. The following information has been assembled to assist in preparing a cash budget for the...
-
The following information relates to Brunti Inc. for the forthcoming period. Product Product A Product B Product C Sales and production (Units) 55,000 44,000 33,000 S $ S Selling price (per unit) 49...
-
Given your work with practicum clients so far, which theoretical perspective do you find yourself using? How does this influence your counseling philosophy? Remember to capture this information in...
-
Lungameni Enterprises (Pty) Ltd ("Lungameni Enterprises") manufactures product A, which it sells to local customers at a mark-up of 25%. Lungameni Enterprises currently absorbs its overhead costs on...
-
a. Show that H2n+1(x) is the unique polynomial of least degree agreeing with f and f'at x0. . . xn. Assume that P(x) is another such polynomial and consider D = H2n+1 P and D' at x0, x1. . . xn.] b....
-
A specimen 750 mm (30 in.) long of an S-590 alloy (Figure) is to be exposed to a tensile stress of 80MPa (11,600psi) at 815?C (1500?F). Determine its elongation after 5000 h. Assume that the total of...
-
A dealer buys tooling machines from a manufacturer and resells them to its customers. a. The manufacturer sets a list or catalogue price of $12,000 for a machine. The manufacturer offers its dealers...
-
a. Download the spreadsheet for problem 14.7 from the website for this textbook. b. Create formulas to calculate Accumulated depreciation (all assets use the straight line method; all assets...
-
These questions have already been answered. I simply need a thorough step-by-step explanation of why the correct answer is the correct answer for each question. I am requesting this so that I can...
-
In this exercise, you modify the Chopkins Toys application from Exercise 11. Use Windows to make a copy of the Chopkins Solution folder. Rename the copy Modified Chopkins Solution. Open the Chopkins...
-
compute total assets from the following information: total revenue= $30,000 Total Liabilities= $70,000 Total Expense= $15,000 Total Equity= $25,000
-
Explain how managers and leaders can promote positive social change from within their roles in diverse organizations. What are the aspects of a diverse organization that might benefit a manager...
-
How do I discuss at least two hazardsand patient safety concernsassociatedwith the major risk categories in a practice?Explain
-
What are the ideology and fundamentals of Safety Management Systems (SMS)? How do you implement a Safety Management Systems (SMS)? What are the main components of an Safety Management Systems (SMS)?...
-
Identify a recent technological advancement apart from the internet and explain how it has increased the productivity of labor, capital or both and how this leads (or will lead) to economic growth?
-
How do cultural differences in communication styles, conflict norms, and resolution preferences influence the approach to conflict resolution in multicultural environments ?
-
. On 21" Feb, you sold 800 shares of Ace stock for $24,000. The sale was a short sale with an initial margin requirement of 70 percent. The maintenance margin is 40 percent. On 23"d Feb, s...
-
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
-
What is the reason for separating the cash balance between minimum cash and excess cash?
-
From the adjusted trial balance in E 10, prepare the required closing entries for Fish Bowl Cleaning Company, Inc.
-
What should the general manager learn from sensitivity analyses?
Study smarter with the SolutionInn App