N Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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 Accounts receivable. office supplies Office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 Consulting revenue 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ 8,230 Miscellaneous expenses 83,660 $ 0 0 0 < Prev 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 MacBook Air Next >
N Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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 Accounts receivable. office supplies Office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 Consulting revenue 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ 8,230 Miscellaneous expenses 83,660 $ 0 0 0 < Prev 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 MacBook Air Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
100%
![Required information
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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
Accounts receivable
Office supplies
office equipment
Land
Accounts payable
Common stock
ERNST-CONSULTING
$ 12,040
13,720
2,990
17,710
45,940
8,230
83,660
Statement of Retained Earning
Retained earnings, December 1
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
$
$
Cash dividends
+
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
0
< Prev
89
of 9
$ 1,760
13,720
3,210
6,690
870
MacBook Air
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3881c1a6-f287-42d9-8e45-c704abc4145f%2F6d428fb2-8a5b-44d4-9500-5526d3b0c32b%2F7z8sklp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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
Accounts receivable
Office supplies
office equipment
Land
Accounts payable
Common stock
ERNST-CONSULTING
$ 12,040
13,720
2,990
17,710
45,940
8,230
83,660
Statement of Retained Earning
Retained earnings, December 1
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
$
$
Cash dividends
+
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
0
< Prev
89
of 9
$ 1,760
13,720
3,210
6,690
870
MacBook Air
Next >

Transcribed Image Text:esc
Mc
Graw
Hill
36:
Q
A
FI
Retained earnings, December 1
2
Add: Dividends
Add: Net Income
Add: Net loss
F2
Statement of Retained Earning
W
S
= !=!
1-03-10 200
내가 이해가 돋아서
10-0=0=m=10²-
사는이들이 들때는 따로 돌아시
TE
M
80
#
*3
E
D
$
000
000
54
$
R
25
0
%
F
0
0
< Prev
F5
MacBook A
T
89
6
G
Y
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education