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Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.

Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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show the following items and amounts. Retained earnings, October 1 as $0. Cash $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends $ 12,590 2,270 5,450 760 640 Accounts receivable Office supplies Land Office equipment Accounts payable Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 580 Common stock Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. X Answer is not complete. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Cash $ 15,760 Accounts payable $ 7,250 Accounts receivable 12,590 Office supplies 1,960 7,250 Land 46,030 Equity Office equipment 16,580 Common stock 82,780 Retained earnings 2,890 Total equity 85,670 Total assets $ 92,920 Total liabilities and equity $ 92,920
Transcribed Image Text:show the following items and amounts. Retained earnings, October 1 as $0. Cash $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends $ 12,590 2,270 5,450 760 640 Accounts receivable Office supplies Land Office equipment Accounts payable Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 580 Common stock Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. X Answer is not complete. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Cash $ 15,760 Accounts payable $ 7,250 Accounts receivable 12,590 Office supplies 1,960 7,250 Land 46,030 Equity Office equipment 16,580 Common stock 82,780 Retained earnings 2,890 Total equity 85,670 Total assets $ 92,920 Total liabilities and equity $ 92,920
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