ter $1-$ Exercises & Problems

Soved

Requlred Information

$[$The following information applies to the questions displayed below.$]$

On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$84,200$ 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

$$10,710$ Cash dividends

$14,600$ Consulting revenue

$3,450$ Rent expense

$18,170$ Salaries expense

$46,030$ Telephone expense

$8,630$ Miscellaneous expenses

$84,200$

$$2,180$

$14,600$

$3,750$

$7,160$

$780$

$600$

Using the above information prepare a December income statement for the business.

$\backslash$table$[[$ERNST CONSULTING$],[$Income Statement$],[$For Month Ended December $31],[$Revenues$,],[$Rent expense,$],[$Salaries expense,$],[$Telephone expense,$],[,],[,],[,],[,],[,],[,],[,],[,],[,]]$