On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.$ 1,570$12,65013,5202,85045,94017,5308,11083,540CashCash dividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesAccounts receivable13,5203,1106,490Office suppliesLandOffice equipmentAccounts payableCommon stock850660 Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome Statement

The income statement represents the net income or net loss that is calculated by deducting the…

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 company's records show the following items and amounts. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock

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 company's records show the following items and amounts. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3SEA: MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income...

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