1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
trapecia [35]
1 year ago
11

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 in assets in exchange for i

ts common stock to launch the business. On December 31, the company’s records show the following items and amounts.
Cash $ 7,010 Cash dividends $ 3,390
Accounts receivable 18,350 Consulting revenue 18,350
Office supplies 4,480 Rent expense 4,820
Office equipment 19,360 Salaries expense 8,370
Land 46,040 Telephone expense 910
Accounts payable 9,740 Miscellaneous expenses 720
Common stock 85,360
Business
1 answer:
dlinn [17]1 year ago
6 0

Based on the financial details of Ernst Consulting, the Income Statement would be:

                                  Ernst Consulting Income Statement

Revenue

Consulting revenue                                    <u>           18,350</u>

Total revenue                                                     <u>    18,350</u>

Expenses

Miscellaneous expenses                   720

Rent expense                                  4,820

Salaries expense                            8,370

Telephone expense                          910

Total Expenses                             <u>                          (14,820)</u>

Net Income                                                              $3, 530

<h3>What is the Net Income used for?</h3>

The net income allows the company to see its total profits for the year after expenses have been accounted for.

It is calculated by deducting expenses from the revenue like Ernst Consulting's income statement shows.

Find out more on the Income Statement at brainly.com/question/21851842.

#SPJ1

You might be interested in
The following transactions occur for Badger Biking Company during the month of June:
Sladkaya [172]

Answer:

Assets                                                 = Liabilities         + Stockholders' equity

Accounts receivable $31,000(+)                                    Revenue  $31,000(+)

Cash                            $23000 (+)

Accounts receivable $23,000(-)

Bike  equipment        $16,000(+)     notes payable $16,000(+)

Cash                           $3,100(-)                               retained earnings$3,100(-)

Explanation:

The first transaction increases assets (accounts receivable) by $31000 while revenue (stockholders' equity) increased by the same amount

The cash receipt of $23,000 increases asset cash by $23,000 and decreases an asset, accounts receivable by the same amount.

The purchase of an asset by notes payable increases asset, bike equipment by $16,000, while liabilities(notes payable) also increases by $16,000

The payment of utilities for $3,100 decreases asset (cash) by $3,100 while stockholders equity (retained earnings) decreases by same amount.

8 0
3 years ago
Karen received 105 total utils from the first 4 sodas she drank. If the marginal utilities of the first, second, and fourth soda
inysia [295]

Answer:

b. 26

Explanation:

Marginal utility refers to the utility gained by the consumption of an additional unit of a commodity. It is the satisfaction enjoyed by a consumer for the additional use of a unit of a good or service.

Given that the total marginal utilities is 105 and the  marginal utilities of the first, second, and fourth sodas are 35, 28, and 16 respectively,  the marginal utility of the third soda

= 105 - (35 + 28 + 16)

= 26

8 0
3 years ago
Which statement best describes an authoritarian style of communication
sveta [45]

Answer:

High task-low relationship behavior, initiating a closed presentation

Explanation:

Authoritarian communication style, which is also popularly known as autocratic leadership is a type of communication style in which the leader holds rigid control over the team as he/she is directly responsible for taking decisions, regulating the actions, rules, methodologies. This is a 'high task and low-relationship behavior' communication style and initiates a closed control and presentation of procedures and policies. The expectations are very clear and close supervision of tasks is made by the leader to ensure maximum productivity.

8 0
3 years ago
Other things the same, a country that increases its saving rate increases a. neither its future productivity nor future real GDP
Alex787 [66]

Answer:

The correct option is C

Explanation:

Gross Domestic Product is the final value of the total amount of goods produced within a country's geographical boundary in a period of time. GDP can be calculated in 3ways using expenditure, production, or incomes.

6 0
3 years ago
Read 2 more answers
Select the correct answer.
alexira [117]

Answer:

Jessica calls her colleagues informing them about her new bakery business.

Explanation:

5 0
2 years ago
Other questions:
  • Two investment advisers are comparing performance. Adviser A averaged a 20% return with a portfolio beta of 1.5, and adviser B a
    7·1 answer
  • Examine the supply and demand schedules for cell phones. How much would
    8·1 answer
  • How do you create your own bank account?
    8·1 answer
  • the south african government is not providin enough welfare or subsidies to the poor and underprivileged
    15·1 answer
  • The effective interest amortization method: Multiple Choice Allocates bond interest expense over the bond's life using a changin
    7·1 answer
  • A buyer properly revokes the offer after receiving the property condition disclosure and requests the return of the buyer's earn
    9·1 answer
  • The liquidity preference model: a uses the demand and supply of money to determine the level of potential output. b uses the dem
    5·1 answer
  • WAYS IN WHICH THE YOUTH CAN MANAGE STRESS<br>​
    13·1 answer
  • Suppose a stock had an initial price of $75 per share, paid a dividend of $1.55 per share during the year, and had an ending sha
    9·1 answer
  • What is true of people who are motivated by the need for achievement?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!