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 Rent expense 2,990 17,710 Salaries expense 45,940 Telephone expense 8,230 Miscellaneous expenses. 83,660 the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 1,760 13,720 3,210 6,690 870 680

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 Rent expense 2,990 17,710 Salaries expense 45,940 Telephone expense 8,230 Miscellaneous expenses. 83,660 the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 1,760 13,720 3,210 6,690 870 680

Name: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3
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Description: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAcco

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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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 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. Hint: Retained Earnings on December 1 was $0.
[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 $ 15,760 Cash dividends $ 640 Accounts receivable 12,590 Consulting revenue 12,590 Office supplies 1,960 Rent expense 2,270 Office equipment 16,580 Salaries expense 5,450 Land 46,030 Telephone expense 760 Accounts payable 7,250 Miscellaneous expenses 580 Common stock 82,780 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
You are the bookkeeper for Harley Inc., a newly formed corporation. Harley had the following transactions for their business: * Four shareholders contributed $40,000 ($10,000 each) in exchange for Harley common stock. * Harley purchased inventory for $5,000. Harley received an invoice for the inventory that is due in 30 days. What are the effects on Harley's accounting equation? A B D Based on the two transactions, Assets increased by $40,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $45,000. Based on the two transactions, Assets increased by $45,000, Liabilities increased by $5,000 and Shareholder Equity increased by $40,000. C Based on the two transactions, Assets increased by $15,000, Liabilities increased by $5,000 and Shareholder Equity increased by $10,000. Based on the two transactions, Assets increased by $35,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $40,000.
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 $84,000 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 Net income $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 For Month Ended December 31 $ 2,000 14,000 0 3,550 7,000 760 580
mework i Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: b. Baird is in the car rental business. The $38,100 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement 2 Prepare an Income Statement. W Balance Sheet S BAIRD COMPANY Income Statement for Year 1 7 3 E D 4 $ $ R D F 0 0 % 5 * 8 J 1 ( 9 K O 0 L P Help >
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
P.nilesh
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable $82,000 Buildings 610,000 Cash 101,000 Common Stock 280,000 Equipment 170,000 Land 499,000 Notes Payable (long-term) 4,000 Retained Earnings Supplies 1,021,000 7,000 During the month of July, the company had the following activities: 1. Issued 4,000 shares of common stock for $400,000 cash. 2. Borrowed $115,000 cash from a local bank, payable in four years. 3. Bought a building for $188,000; paid $77,000 in cash and signed a three-year note for the balance. 4. Paid cash for equipment that cost $101,000. 5. Purchased supplies for $101,000 on account. Required: 1. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account ba a minus sign.) a. b. C. d. e. Cash Assets Liabilities Accounts Supplies Buildings Equipment Payable Notes Payable (long-term) Stockholders Equity Common Stock 53…
Record each of the following transactions in a journal format: The business received cash of $50,000 and a building with a fair market value of $100,000. The corporation issued common stock to the stockholders. Borrowed $70,000 from the bank; signed a 3 year note payable at 10% interest. Purchased equipment for $20,000; paid cash. Purchased supplies on account $250. Paid employee's salary of $5,000. Performed services for customers in the amount of $10,000; received cash of $2,000, remainder was on account. Paid for the supplies purchased in (d). Received the utility bill for $1,000. It will be paid in 15 days. Received amount owed from customers in (f). Paid the following expenses: (1) rent of $2,000; (2) advertising of $1,000
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $30,000 cash from the issue of common stock. 2. Borrowed $40,000 cash from National Bank. 3. Earned cash revenues of $48,000 for performing services. 4. Paid cash expenses of $45,000. 5. Paid a $1,000 cash dividend to the stockholders. 6. Acquired an additional $20,000 cash from the issue of common stock. 7. Paid $10,000 cash to reduce the principal balance of the bank note. 8. Paid $53,000 cash to purchase land. 9. Determined that the market value of the land is $75,000. e. Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows. Note: Enter cash outflows as negative amounts. Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities
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 $82,650 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. $ 15,200 Cash dividends 12,410 Consulting revenue 1,770 Rent expense 16,450 Salaries expense 46,080 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash $ 460 Accounts receivable Office supplies Office equipment 12,410 2,140 5,300 Land 750 Accounts payable 560 Common stock Also assume the following: a. The owner's initial investment consists of $36,570 cash and $46,080 in land in exchange for its common stock. b. The company's $16,450 equipment purchase is paid in cash. c. Cash paid to employees is $1,010. The accounts payable balance of $6,060 consists of the $1,770 office supplies purchase and $4,290 in employee salaries yet to be paid. d. The…
In alphabetical order below are balance sheet items for Robinson Company at December 31, 2022. Sandra Robinson is the owner of Robinson Company. Accounts payable Accounts receivable Cash Owner's capital Total Assets Liabilities $94,600 Prepare a balance sheet. (List Assets in order of liquidity.) Owner's Equity 72,400 45,700 23,500 ROBINSON COMPANY Balance Sheet For the Year Ended December 31, 2022 Assets Liabilities and Owner's Equity Total Liabilities and Owner's Equity $ $ $ 118,100 94,600 23,500 118,100