esOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.Cash$ 13,210Cash dividendsAccounts receivable13,320Consulting revenueOffice supplies2,720Rent expenseOffice equipmentLand17,350Salaries expense45,910 Telephone expenseAccounts payableCommon stock7,970 Miscellaneous expenses83,390$ 1,46013,3202,9506,290830640Use the above information to prepare a December 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet

Step 1: Preparation of income statement.ERNST CONSULTINGIncome statementFor the month ended December…

Answered: es On December 1, Jasmin Ernst…

College Accounting, Chapters 1-27

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Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

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Rodgers Company compiled the following financial information as of December 31, 20XX:Sales revenue $1,120,000Common stock 240,000Buildings 320,000Operating expenses 1,000,000Cash 280,000Dividends 80,000Inventory 40,000Accounts payable 160,000Accounts receivable 120,000Retained earnings, 1/1/20XX 600,000Rodger’s assets on December 31, 20XX area. $1,880,000.b. $1,360,000.c. $640,000.d. $760,000.
On June 1, Cline Co. paid $800,000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying amounts for Renn’s assets and liabilities on June 1 follow:Cash . . . . . . . . . . . . . . . . . . $150,000 Accounts receivable . . . . . . . . .180,000Capitalized software costs . . . 320,000Goodwill . . . . . . . . . . . . . . . . . 100,000Liabilities . . . . . . . . . . . . .. . . (130,000)Net assets . . . . . . . . . . . . .. . $620,000 On June 1, Renn’s accounts receivable had a fair value of $140,000. Additionally, Renn’s in-process research and development was estimated to have a fair value of $200,000. All other items were stated at their fair values. On Cline’s June 1 consolidated balance sheet, how much is reported for goodwill?
Bramble Company compiled the following financial information as of December 31, 2022: Revenues $333000 Owner’s Capital (1/1/22) 149000 Equipment 79300 Expenses 249000 Cash 89300 Owner's Drawings 19200 Supplies 15800 Accounts payable 40100 Accounts receivable 69500 Bramble’s owner’s equity on December 31, 2022 is $253900. $149000. $213800. $108900.
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Waddle company had the following balances in its accounting records as of December 31st, year 1.
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