Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue Rent expense 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting December 1 was $0.
Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 7,520 Cash dividends 17,950 Consulting revenue Rent expense 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting December 1 was $0.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...
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Question
Do not give solution in image
![Book
Print
erences
C
aw
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Assets
Cash
Accounts receivable
Office supplies
Office equipment
Land
$
ERNST CONSULTING
Balance Sheet
7,520 Accounts payable
17,950
4,310
19,190
46,000 Common stock
Retained earnings
Liabilities
Equity
Prov
$
Se
9,600
9,600
85,160
210
85,370
10
‒‒‒](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0507d977-40c4-415e-96d7-be834965d5c0%2Ffa3a212f-e4d6-4d57-b8e7-617f612fecff%2Fw27b89f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Book
Print
erences
C
aw
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Assets
Cash
Accounts receivable
Office supplies
Office equipment
Land
$
ERNST CONSULTING
Balance Sheet
7,520 Accounts payable
17,950
4,310
19,190
46,000 Common stock
Retained earnings
Liabilities
Equity
Prov
$
Se
9,600
9,600
85,160
210
85,370
10
‒‒‒
![Cash
Accounts receivable
Office supplies
Office equipment
Land
Accounts payable
Common stock
ERNST CONSULTING
Statement of Retained Earning
Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2
Using the above information prepare a December statement of retained earnings for Ernst Consulting.
December 1 was $0.
Retained earnings, December 1
Add: Net income
Less: Dividends
Retained earnings, December 31
$
$ 7,520
Cash dividends
17,950
Consulting revenue
4,310
Rent expense
19,190 Salaries expense
Telephone expense
46,000
9,600 Miscellaneous expenses
85,160
$
0
3,400
$ 3,190
17,950
4,720
8,220
900
710
3,400
3,190
210](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0507d977-40c4-415e-96d7-be834965d5c0%2Ffa3a212f-e4d6-4d57-b8e7-617f612fecff%2Fhm897nh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cash
Accounts receivable
Office supplies
Office equipment
Land
Accounts payable
Common stock
ERNST CONSULTING
Statement of Retained Earning
Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2
Using the above information prepare a December statement of retained earnings for Ernst Consulting.
December 1 was $0.
Retained earnings, December 1
Add: Net income
Less: Dividends
Retained earnings, December 31
$
$ 7,520
Cash dividends
17,950
Consulting revenue
4,310
Rent expense
19,190 Salaries expense
Telephone expense
46,000
9,600 Miscellaneous expenses
85,160
$
0
3,400
$ 3,190
17,950
4,720
8,220
900
710
3,400
3,190
210
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