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Use the following information for the Exercises below Algo The following information applies to the...

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Use the following information for the Exercises below Algo The following information applies to the questions displayed below On December 1 Jasmin Ernst organized Ernst Consulting On December 3 the owner contributed 85 460 in assets i exchange for its common stock to launch the business On December 31 the company s records show the following it and amounts Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock 6 650 Cash dividends Consulting revenue Rent expense 18 650 4 640 19 560 Salaries expense 46 000 Telephone expense 9 890 Miscellaneous expenses 85 460 Exercise 1 18 Algo Preparing an income statement LO P2 Using the above information prepare a December income statement for the business ERNST CONSULTING Income Statement 3 490 18 650 4 920 8 500 890 700

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