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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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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