Questions: The following information applies to the questions displayed below. On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed 85,160 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash 7,520 Cash withdrawals by owner 3,190 Accounts receivable 17,950 Consulting revenue 17,950 Office supplies 4,310 Rent expense 4,720 Land 46,000 Salaries expense 8,220 Office equipment 19,190 Telephone expense 900 Accounts payable 9,600 Miscellaneous expenses 710 Owner investments 85,160 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31

Transcript text: [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed \$85,160 in assets to launch the business. On December 31, the company's records show the following items and amounts. \begin{tabular}{lrlr} Cash & $\$ 7,520$ & Cash withdrawals by owner & $\$ 3,190$ \\ Accounts receivable & 17,950 & Consulting revenue & $\mathbf{1 7 , 9 5 0}$ \\ Office supplies & 4,310 & Rent expense & 4,720 \\ Land & 46,000 & Salaries expense & 8,220 \\ Office equipment & 19,190 & Telephone expense & 900 \\ Accounts payable & 9,600 & Miscellaneous expenses & 710 \\ Owner investments & 85,160 & & \end{tabular} Using the above information prepare a December income statement for the business. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ ERNST CONSULTING } \\ \hline Income Statement & \\ \hline For Month Ended December 31 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}