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 8,230 Miscellaneous expenses 83,660 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet + $ 0 $ $ 1,760 13,720 3,210 6,690 870 680 0 0
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 8,230 Miscellaneous expenses 83,660 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet + $ 0 $ $ 1,760 13,720 3,210 6,690 870 680 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10
mmon stock
Assets
Use the above information to prepare a December 31 balance sheet for Ernst Cons
Equity
Expenses
Liabilities
Revenues
Withdrawals
83,660
ERNST CONSULTING
Balance Sheet
0
Miscellaneous expenses
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Transcribed Image Text: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
Consulting revenue
13,720
2,990
17,710
Rent expense
Salaries expense
45,940 Telephone expense
8,230 Miscellaneous expenses
83,660
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
+
$
ERNST CONSULTING
Balance Sheet
< Prev
$
9
9
of 9
MacBook Air
$ 1,760
13,720
3,210
6,690
870
680
0
Next
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