In the last pay period, Soult Manufacturing spent $134,000 on wages and $27,000 on payroll taxes for factory workers. How should these costs be recorded?
Factory Wages Payable 134,000 Factory Labor 134,000
,
Factory Labor 134,000 Factory Wages Payable 134,000
,
Factory Wages Payable 134,000 Employer Payroll Taxes Payable 27,000
Factory Labor 161,000
,
Factory Labor 161,000 Factory Wages Payable 134,000
Employer Payroll Texes Payable 27,000
Answers
When the Soult Manufacturing spent $134,000 on wages and $27,000 on payroll taxes for factory workers, these costs must be recorded as Factory Wages Payable 134,000 Employer Payroll Taxes Payable 27,000 Factory Labor 161,000. Hence option C is the correct answer.
When Soult Manufacturing spent $134,000 on wages and $27,000 on payroll taxes for factory workers, these costs should be recorded in the books of accounts. In accounting, the salary payable account is a liability account that appears on the balance sheet. This account includes all outstanding payments due to workers, such as bonuses, overtime, and other forms of compensation.
To record this transaction, Soult Manufacturing should record the wages and payroll taxes expenses as shown below:
Factory Wages Payable - $134,000
Employer Payroll Taxes Payable - $27,000
Factory Labor - $161,000 ($134,000 + $27,000)
Therefore, Factory Wages Payable is debited with $134,000, and Employer Payroll Taxes Payable is debited with $27,000. Furthermore, Factory Labor is credited with $161,000. Hence, the correct option is C.
Note: The question is incomplete. The complete question probably is: In the last pay period, Soult Manufacturing spent $134,000 on wages and $27,000 on payroll taxes for factory workers. How should these costs be recorded?
A) Factory Wages Payable 134,000
Factory Labor 134,000
B) Factory Labor 134,000
Factory Wages Payable 134,000
C) Factory Wages Payable 134,000
Employer Payroll Taxes Payable 27,000
Factory Labor 161,000
D) Factory Labor 161,000
Factory Wages Payable 134,000
Employer Payroll Texes Payable 27,000
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Related Questions
Which of the following is an example of mass promotion?
O a. advertising
O b. telephone sales call
O c. personal selling
O d. all of the above
Answers
Answer:
probably a
Explanation:
i hardly see personal selling which eliminates d and c plus tellephone sales call doesnt reach as wide of an audience as advertising
Advertising is an example of mass promotion. Thus, option A is correct.
What is promotion?Promotion can be defined as a part where the companies or the sellers are making sure that the customers are aware of their product as well as its positions. This is done to make sure that the product or the services being purchased would improve and increase the revenue.
Advertising can be considered a part of mass emotions because it can be done by various means where it can be placed in visual and audio and oral forms.
This would mean that in mass promotion the advertisement can be done with the help of radio, television, the screens which are available also hoardings. So, the customers get attracted to it and would buy the product. Therefore, option A is the correct option.
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Since there is no presidential election this year what happens?
Best answer Brainliest
Answers
Answer:
uhh The president will stay the same
Explanation:
I'm smart :)
If the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products, it is practicing ______.
Answers
find the balance in a account when $400 is depoisted for 11 years at an intreset rate of 2ompounded onctinuously
Answers
The balance in the account after 11 years, with continuous compounding at an interest rate of 2%, would be approximately $498.
to calculate the balance in an account with continuous compounding, we can use the formula for continuous compound interest:
a = p * e⁽ʳᵗ⁾
where:a = final balance
p = initial deposit or principal amounte = euler's number (approximately 2.71828)
r = annual interest rate (as a decimal)t = time in years
in this case, the initial deposit (p) is $400, the interest rate (r) is 2% or 0.02, and the time period (t) is 11 years.
plugging these values into the formula, we have:
a = 400 * e⁽⁰.⁰² * ¹¹⁾
calculating this using a calculator or spreadsheet software, we find:
a ≈ 400 * e⁽⁰.²²⁾
a ≈ 400 * 1.245397a ≈ 498.1588 16.
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arjun drew on connections from his alumni network from the prestigious indian institute of technology bombay (iitb) to get a job that sponsored his work visa in a silicon valley firm. what helped him secure his job?
Answers
Arjun's connections from his alumni network from the prestigious Indian Institute of Technology Bombay (IITB) helped him secure his job.
By leveraging his network, Arjun was able to gain access to job opportunities that may not have been advertised publicly. This is a common strategy for job seekers, as having a strong network can increase the likelihood of finding job opportunities and getting hired. Additionally, Arjun's affiliation with IITB, a well-respected institution, may have also worked in his favor by signaling to potential employers that he has a strong educational background and relevant skills.
Arjun's alumni network from Indian Institute of Technology Bombay likely played a significant role in helping him secure his job in a Silicon Valley firm.
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Plz help
Which investment strategy would work best if you wanted to make a lot of
money quickly?
A. Low risk, high return
B. High risk, low return
C. High risk, high return
D. Low risk, low return
Answers
Answer:
a. because if your risking small your return is still higher it doesn't matter if you risk acouple time and lose some because when your getting your return it's more then what you risked (I think)
Answer:
high risk high return.
Explanation:
Which of the following is a true statement about a contract between the Government and a Contractor?
a. Establish terms and conditions that cannot be modified
b. Principles purpose is the acquisition of property, supplies, or service
c. Does not require consideration when written for Government acquisition
Answers
A contract between the Government and a Contractor is established to ensure the acquisition of property, supplies, or services through the principles of an exchange of value.
The fundamental purpose of this type of contract is to ensure that both parties establish the conditions and terms of the agreement, and the responsibilities of both parties are properly stated.In a contract between the Government and a Contractor, the following statement is a true one: "The principle's purpose is the acquisition of property, supplies, or service."Option B is the correct answer: the primary purpose of a contract between the Government and a Contractor is to acquire property, supplies, or services.
When the Government engages in such a contract with a contractor, it does so with the intention of achieving mutual benefits. As a result, the Government outlines its specifications, terms, and conditions to ensure the Contractor knows what is expected of them, and the Contractor provides their goods or services to the Government in exchange for the expected payment.The terms and conditions of the contract can be modified as necessary, however, any modification must be done according to the established rules and regulations, and for a justifiable reason, to ensure transparency and fairness in the agreement.
Therefore, the statement in option A is incorrect, because the terms and conditions of the contract are not immutable. Option C is incorrect as well because, like any other contract, a contract between the Government and a Contractor requires consideration to be legally binding. In other words, the exchange of value between the two parties is a requirement to validate the contract.
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Should citizens participating in
criminal trials should have some requirements such as someone who
has a degree? Or someone who makes at least $20,000 per year? Why
or why not?
Answers
Citizens participating in criminal trials should not be required to have a degree or make a certain amount of money per year. This is because such requirements would create inequalities in the justice system and violate the principle of equal protection under the law that is enshrined in the US Constitution.
First, requiring citizens to have a degree in order to participate in criminal trials would discriminate against those who cannot afford higher education. This would create an unfair advantage for those who are more affluent and better-educated, and it would prevent many people from serving on juries or as witnesses.
Secondly, requiring citizens to make a certain amount of money per year would also create inequalities. Poorer citizens would be excluded from participating in criminal trials, which would violate their rights to equal protection under the law. Moreover, wealth is not necessarily a measure of a person's ability to serve as a juror or a witness. A person's income level does not necessarily correlate with their intelligence, education, or integrity
.In conclusion,citizens should not be required to have a degree or make a certain amount of money per year in order to participate in criminal trials. Doing so would violate the principle of equal protection under the law, create inequalities, and prevent many people from participating in the justice system.
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Outline a specific strategy to implement stating how you will prevent this from
happening in the future.
Answers
as a business within the company, hr has three product lines, one of which involves contributing to the company's strategy by understanding how hr can provide a competitive advantage. this is known as .
Answers
As the product lines involves contributing to the company's strategy by understanding how hr can provide a competitive advantage, this is known as being a strategic partner.
What is a strategic partner?These are partners involves in the sharing of resources to help all involved succeed. They are usually non-competing businesses and often share both the risks and rewards of the decisions of both companies.
Most time, the ultimate goal of the strategic partnership is to create value for each company by offering information, services and other resources that the other firm either has no access to or could only access through some form of financial exchange.
Therefore, this strategy is known as being a strategic partner.
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Compute the present value of the following amounts of money, given an interest rate of 8 % a) 100 kronor received one year from now. b) 150 kronor received five years from now
Answers
The present value is the value that a future sum of money is worth presently. It is important to calculate the present value of cash inflows in order to determine if an investment or project is worthwhile.
When calculating the present value of future cash flows, an interest rate, known as the discount rate, is used to determine the value of the money in present-day terms.To compute the present value of the following amounts of money, given an interest rate of 8%, the present value formula is applied:Present value = Future value ÷ (1 + interest rate) nWhere:n is the number of years until the future value is receiveda) 100 kronor received one year from now.
Present Value = 100 / (1 + 0.08) 1
= 92.59 kronorb) 150 kronor received five years from now.Present Value
= 150 / (1 + 0.08) 5
= 100.93 kronor
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if a cumulative frequency distribution is developed for the above data, the last class will have a cumulative frequency of _____.
Answers
100. The running total of frequencies in a data set up to a particular moment is referred to as cumulative frequency. By showing the total number of frequencies for each class, a cumulative frequency distribution in statistical analysis can be used to describe and interpret the distribution of data.
A crucial idea in statistical analysis and data interpretation is cumulative frequency. It describes the cumulative frequency of a series of data points up to a given point. The frequency of each data point or class in a cumulative frequency distribution is added to the frequencies of all previous data points or classes to get a cumulative total. In place of only particular frequencies, the analyst may now examine how the data is spread across a range of values. Probabilities, quartiles, and trends in the data can all be seen using cumulative frequency distributions.
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Pretend you are a highschool student who makes minimum wage. You want to buy a new car, but you are $10,000 short. You are looking at the two loans identified below. Explain which loan is more appealing and why you would choose that over the other. Use details to support your answer.
Thanks for the help!!!
Answers
The benefit of Loan B is the term of payment is longer and the monthly repayments are lower. This could be good for someone working minimum wage due to having a low income.
In conclusion, I think Loan A would be better due to the interest being lower which is always a plus for loans.
why did Nike use sweatshops to produce their products ?
Answers
Answer:
Nike, Inc. has been accused of using sweatshops and worker abuse to produce footwear and apparel in East Asia. During the Nike attempted to lower costs after increasing cost of labor in Korean and Taiwanese factories, Nike began contracting in East Asian countries. ... Nike has participated into this right.
Describe at least two factors you could consider to help decide how much inventory to keep in stock of a particular item at the store. (1-4 sentences. 1.0 points)
Answers
Answer:
Determine how much demand there is for the product. Determine the cost of purchasing the product and how much is affordable. Figure out how much profit can be made off of each item and each order.
9. The financial aid you receive is called
1) an award
2) a grace period
3) a renewable award
4) non-renewable award
Answers
An Award.
report about using Apache HBase when solving a business problem.
Answers
The title of the statement is Leveraging Apache HBase to Solve Business Challenges. It is a Comprehensive Report.
Introduction:
Apache HBase is a distributed, scalable, and highly performant NoSQL database built on top of Apache Hadoop.
Overview of Apache HBase:
Apache HBase is a column-oriented, distributed datastore designed to provide low-latency access to large-scale structured data.
Use Cases for Apache HBase:
a. Real-Time Analytics: Apache HBase enables organizations to analyze vast amounts of data in real-time, making it suitable for applications such as fraud detection, recommendation engines, and clickstream analysis.
b. Internet of Things (IoT): With its ability to handle high volumes of sensor data and support fast data ingestion, Apache HBase is well-suited for IoT use cases like sensor data storage, monitoring, and real-time processing.
Benefits of Apache HBase:
a. Scalability: Apache HBase's distributed architecture allows it to scale horizontally by adding more servers, making it suitable for handling large datasets and accommodating increasing workloads.
b. High Performance: Its columnar storage, in-memory caching, and efficient data retrieval mechanisms provide low-latency access to data, ensuring fast read and write operations.
Considerations for Implementation:
a. Data Modeling: Designing an effective data model in Apache HBase requires careful consideration of access patterns, data locality, and storage requirements.
b. Operational Management: Managing Apache HBase clusters involves monitoring, capacity planning, and ensuring optimal performance.
Conclusion:Apache HBase provides a robust and scalable solution for addressing business challenges related to real-time analytics, IoT, and time-series data storage.
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Gloria deposited $500 into a bank account that earned 7. 5% simple interest each year. She earned $225 in interest before closing the account. No money was deposited into or withdrawn from the account. How many years was the money in the account? Round your answer to the nearest whole year. Enter your answer in the box. Years.
Answers
The number of years in which the money is in the account is 6 years.
What is simple interest?Simple interest denotes the amount of payment that is received or paid by a person in return for anything pledged or given a loan.
The interest computed on the principal amount for a specified duration of time and rate of interest is called simple interest.
The formula of simple interest:
\(\text{SI}= \text{P}\times r \times t\)
Where, (P) stands for principal, (r) for interest rate, and (t) is for the time period.
Computation of a number of years:
According to the given information,
P=$500,
r=7.5%,
t=?
SI= $225
Now, substitute the given values in the above formula, we have:
\(\text{SI}= \text{P}\times r \times t\\\\\$225=\$500\times\ 7.5\%\times t\\\\t= 6 \text{Years}\)
Therefore, the number of years is 6 years.
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In a certain level of output, greater fiscal deficit will NOT bepaired with:a. A lower current account, by higher aggregate private savings,and by higher investmentb. A higher current account, by lower aggregate private savings and by higher investment
c. A lower current account, by higher private investments, and by a higher investment
d. By a higher current account, by lower aggregate private savings and by a lower investment
e. c and d
Answers
At a certain level of output, a greater fiscal deficit will NOT be paired with:
d. A higher current account, by lower aggregate private savings and by a lower investment.
This is because a higher fiscal deficit typically results in a lower current account due to increased government spending, which can lead to higher imports and lower net exports. Additionally, lower aggregate private savings and lower investment are not typically associated with a greater fiscal deficit.
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Use this data to create a graph below.
Follow these steps to create a graph.
• Draw a coordinate system with an x- and y-axis.
• Examine the data to be graphed (in the table). Determine an appropriate title for each axis.
• Determine appropriate labels for each axis.
• Graph the data.
• Connect each point to create a curve.
Answers
Based on the data on the table about the rate of unemployment in the United States over the years, the relevant graph would be shown as attached.
What do unemployment graphs look like?Unemployment graphs such as this one are best titled to show the information that they are meant to depict. In this case, a good title would be, "Unemployment Rate in the United States 1955 to 2015."
The y axis would then be best labeled as the percentage of unemployment. This is the best way to show the graph as the data would then be clearly.
The x axis should be labeled as " Year" as this is a graph showing events in time and the x axis is usually the axis that the year is recorded on.
The line would then be joint with the data points of the various years to make a line graph that rises and then falls in general.
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Today, you are purchasing a 15-year, 8 percent annuity at a cost of $70,000. The annuity will pay annual payments. What is the amount of each payment?
A. $4,919.41
B. $5,485.35
C. $6,329.57
D. $7,128.73
E. $8,178.07
Answers
Calculate the fixed-payment annuity's yearly cash flows (annuity payments) if its 15-year present value is worth $750,000.
How much annuity purchase is necessary to obtain a fixed pay-out of $100,000 for 25 years? $1,181,276. Explanation: $750,000 is the present value of the regular annuity. n = 15. rate of interest = 6.85%. The present value of an annuity formula can be used to determine the annuity payment: PV equals annuity payments times annuity factors. PV / annuity factor: annuity pay-out. Annuity factor 6.85%, 15 periods, and PV of $750,000 is 9.19484. Annuity pay-out is equal to $81,567.49 ($750,000 / 9.19484). It is challenging to discover annuity tables that include 6.85% because it is not a whole number, but we can always look for annuity table calculators that may assist us in calculating the annuity factor.
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As part of your retirement plan, you want to set up an annuity in which a regular payment of $80,121 is made at the end of each year. you need to determine how much money must be deposited earning 10% compounded annually in order to make the annuity payment for 20 years. round your answer to the nearest cent. a. $680,153.78 c. $682,115.24 b. $681,426.87 d. $683,759.64
Answers
As part of your retirement plan, you want to set up an annuity in which a regular payment of $681829.71 is made at the end of each year.
How much money must be deposited earning 10% compounded annually in order to make the annuity payment for 20 years?The calculation of an annuity follows a formula: Future Value of an Annuity =C (((1+i)^n - 1)/i), where C is the regular payment, i is the annual interest rate or discount rate in decimal, and n is the number of year or periods
To calculate the compound interest for a number of years together, we need to multiply P(1+i) to the power of the number of years of the deposit. So we end up with this formula: P (1+ i/n)n. This formula can be used to calculate compound interest that is compounded annually.
To determine the present value of an annuity, you can use the formula:
PV = PMT * [ (1 - (1 + r)^-n) / r ]
Where:
PV is the present value of the annuity
PMT is the regular payment (in this case, $80,121)
r is the annual interest rate (in this case, 10%)
n is the number of payments (in this case, 20)
Using this formula, we can calculate the present value of the annuity:
PV = 80121[1 - (1 + 0.1)^- 20]/0.1
PV = 80121[1 - (1.1)^- 20]/0.1
PV = 80121[1 - 0.149]/0.1
PV = 80121[0.851]/0.1
PV = 80121 × 8.51
PV = $681829.71
So, $681829.71 would need to be deposited earning 10% compounded annually in order to make the annuity payment of $80,121 for 20 years.
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Which ballet caused a riot in paris, france at its debut?.
Answers
The ballet that caused a riot in Paris, France at its debut is the premiere of The Rite of Spring.
The Rite of Spring premiere is arguably the most well-known scandal in the history of the performing arts. It happened on the evening of May 29, 1913, in front of a glitzy audience at Paris' brand-new Théâtre des Champs-Elysées. The writer Jean Cocteau observed that "the aesthetic crowd was interspersed with the suits and bandeaux of the smart audience in tails and tulle, diamonds and ospreys." In order to express their dislike towards the people in the boxes, the latter would cheer originality.
The aroma of something potentially outrageous a brand-new ballet from the Ballets Russes, a group of Russian dancers assembled by the most well-known impresario in the world attracted both the upscale crowd and the art-loving public.
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Question 5 of 10 Which of the following compensation options helps pay for classes or seminars attended? O A. 401(k) O B. Educational reimbursement C. Cafeteria plan D. Health insurance
Answers
The compensation plan that helps pay for classes or seminars attended is known as an educational reimbursement.
Educational reimbursement simply means an employee benefit where an employer pays for a certain pre-determined amount of college coursework.
Educational reimbursement is also known as tuition reimbursement. Companies give educational reimbursement to their staffs in order to help them complete a degree or program in school.
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For the last several months, an employee stays late to finish up work. When he does this, everyone else has gone home, so he is mostly on his own. This is a possible sian that he is _____.
A. auditing
B. shoplifting
C. embezzling -
D. considering a new job offer
Just posting a question because it's something to do ♂️
Answers
For the last several months, an employee stays late to finish up work. When he does this, everyone else has gone home, so he is mostly on his own. This is a possible sian that he is: D. considering a new job offer.
Who is a lone person?Being the lone person in the office and staying late at work on a regular basis for several months can be a sign that an employee is looking for a new position.
They might be using the time after work to look for job openings or go to job interviews without making their job hunt obvious.
Therefore the correct option is D.
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What two market structures would be considered imperfect competition?
Answers
Answer:
Blemished rivalry can be found in the accompanying sorts of market structures: restraining infrastructures, oligopolies, monopolistic rivalry, monopsonies, and oligopsonies. In restraining infrastructures, there is just one (prevailing) dealer. That organization offers an item to the market that has no substitute.
sorry for the wait have an amazing day<3
A company that carefully evaluates job applicants is using _____ control.
Answers
A company that carefully screens job applicants is using the control. Preliminary Angela has worked hard to encourage change in Jeffrey's performance.
A budget is a common type of financial control.Standard financial reports are the statement of cash flows,balance sheet,income statement,financial ratios,and budgets.For most large companies, the first three are required by law.Liquidity ratios measure a company's ability to meet its debt obligations using its current assets.When a business is experiencing financial difficulties and cannot pay its debts,it can more easily convert its assets to cash and use the money to pay off outstanding debts.For example,an organization should periodically review its structure to determine whether it is facilitating the achievement of its strategic objectives.In this way,strategic control focuses on the extent to which the implemented strategy achieves the strategic goal of the organization.
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short run refers to a period of time during which: group of answer choices all the factors are constant. all the factors are variable. the producer can shift from one plant size to another. some factors are fixed while some others are variable. the producer cannot change the level of output.
Answers
Short run refers to a period of time during which some factors are fixed while some others are variable. Hence, the correct option is D: some factors are fixed while some others are variable.
What is the Short Run?Short run refers to a period of time during which at least one factor of production is fixed, while others are variable. A producer cannot change the fixed factor to adapt to new circumstances in the short run, but can modify the variable factors. In other words, in the short run, the fixed factor is considered to be constant.
This could be the capital, plant size, equipment, or any other factor of production that is considered fixed or inflexible. The variable factors in the short run include labor, raw materials, and other inputs.
What are the characteristics of the short run?The short run has some characteristics that are unique to it.
Here are a few of them:
In the short run, some factors of production are considered fixed and constant.The fixed factor is considered immobile in the short run, making it impossible to modify it to adapt to new circumstances.The variable factors of production can be changed in the short run to respond to new circumstances.The short run is a period of time when firms cannot adjust to the new market situations.The short run is a temporary period during which businesses can adjust to new market conditions in the long run, unlike in the short run.To know more about Short run, click on the link below:
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Error in amortization schedule 乌ி LO14-3 Nakano Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. - Lawrence completed construction of the machine on January 1, 2022. - In payment for the machine Nakano issued a threeyear installment note to be paid in three equal payments at the end of each year. - The payments include interest at the rate of 10%. - Lawrence made a conceptual error in preparing the amortization schedule, which Nakano failed to discover until 2024. - The error had caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. Required: I. Determine which accounts are incorrect as a result of these errors at January 1. 2024, before any adjustments. Explain your answer. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. What other step(s) would be taken in connection with the error?
Answers
1. Accounts affected by the errors at January 1, 2024, before any adjustments need to be determined.(2.) A journal entry should be prepared to correct the error.(3.) Additional steps may be required to address the error.
1. Accounts affected by the errors: The errors in the amortization schedule caused Nakano to understate interest expense by $45,000 in 2022 and $40,000 in 2023. As a result, the interest expense account for both years would be understated. The notes payable account would also be affected because the correct amount of interest expense should have been included in the note payable balance. Therefore, at January 1, 2024, before any adjustments, the interest expense and notes payable accounts would be incorrect due to the errors.
2. Journal entry to correct the error: To rectify the errors, a correcting journal entry needs to be made. The entry would involve increasing the interest expense account by $45,000 for 2022 and $40,000 for 2023, as these amounts were previously understated. Additionally, the notes payable account should be adjusted by the same amounts to reflect the correct balances. The journal entry would debit the interest expense account and credit the notes payable account.
3. Other steps in connection with the error: Apart from the journal entry, further steps may be taken to address the error. This may include notifying external parties, such as auditors or stakeholders, about the correction made to the financial statements. It is important to ensure that the corrected financial statements are properly communicated and any necessary disclosures or adjustments are made to prevent future misstatements. Internal controls and review processes may also be evaluated or strengthened to minimize the chances of similar errors occurring in the future.
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on december 1, jasmin ernst organized ernst consulting. on december 3, the owner contributed $82,890 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 $ 15,140 cash dividends $ 830 accounts receivable 12,720 consulting revenue 12,720 office supplies 2,110 rent expense 2,380 office equipment 16,780 salaries expense 5,620 land 46,010 telephone expense 780 accounts payable 7,360 miscellaneous expenses 600 common stock 82,890
Answers
The income statement for Ernst Consulting shows a net income of $3,340, calculated by deducting total expenses of $9,380 from consulting revenue of $12,720. It provides an overview of the company's financial performance during the given period.
To prepare an income statement for Ernst Consulting based on the provided information, we need to calculate the net income. The income statement format typically includes revenue, expenses, and the resulting net income.
Income Statement for Ernst Consulting:
Revenue:
Consulting Revenue: $12,720
Expenses:
Rent Expense: $2,380
Salaries Expense: $5,620
Telephone Expense: $780
Miscellaneous Expenses: $600
Total Expenses: $9,380
Net Income:
Consulting Revenue - Total Expenses = Net Income
$12,720 - $9,380 = $3,340
Therefore, the income statement for Ernst Consulting would show a net income of $3,340.
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--The given question is incomplete, the complete question is given below "on december 1, jasmin ernst organized ernst consulting. on december 3, the owner contributed $82,890 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 $ 15,140 cash dividends $ 830 accounts receivable 12,720 consulting revenue 12,720 office supplies 2,110 rent expense 2,380 office equipment 16,780 salaries expense 5,620 land 46,010 telephone expense 780 accounts payable 7,360 miscellaneous expenses 600 common stock 82,890
using the above statement prepare a income statement for business."--