FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:2-a. Prepare the income statement for the current month.
2-b. Prepare the statement of retained earnings for the current month.
2-c. Prepare the balance sheet as of the end of the month.
3. Prepare the statement of cash flows for the current month.
Complete this question by entering your answers in the tabs below.
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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 $84,000 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
$ 11,360 Cash dividends
14,000 Consulting revenue
3,250 Rent expense
18,000 Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
$2,000
14,000
3,558
7,000
760
580
Using the above information prepare a December income statement for the business.](https://content.bartleby.com/qna-images/question/5fefc9dc-2b46-483c-919a-896c380a5ad8/50d553ac-eab7-4cc3-aa7e-ba6aa08b51a5/f3gxbf2_processed.jpeg)
Transcribed Image Text:es
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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
$ 11,360 Cash dividends
14,000 Consulting revenue
3,250 Rent expense
18,000 Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
$2,000
14,000
3,558
7,000
760
580
Using the above information prepare a December income statement for the business.
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