Use the following information for the Exercises below. (Algo)

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

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 in assets to launch the business. On December 31, the companys records show the following items and amounts.

Cash$ 15,760Cash withdrawals by owner$ 640Accounts receivable12,590Consulting revenue12,590Office supplies1,960Rent expense2,270Land46,030Salaries expense5,450Office equipment16,580Telephone expense760Accounts payable7,250Miscellaneous expenses580Owner investments82,780

Exercise 1-18 (Algo) Preparing an income statement LO P2

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