Question
Required information Use the following information for the exercise(s) below LO P2 (Algo) Skip to question [The following information applies to the questions displayed below.]
Required information
Use the following information for the exercise(s) below LO P2 (Algo)
Skip to question
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.
Cash | $ 12,650 | Cash dividends | $ 1,570 |
---|---|---|---|
Accounts receivable | 13,520 | Consulting revenue | 13,520 |
Office supplies | 2,850 | Rent expense | 3,110 |
Land | 45,940 | Salaries expense | 6,490 |
Office equipment | 17,530 | Telephone expense | 850 |
Accounts payable | 8,110 | Miscellaneous expenses | 660 |
Common stock | 83,540 |
Exercise 1-18 (Algo) Preparing an income statement LO P2
Using the above information prepare a December income statement for the business.
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