On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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 $9,750 Cash dividends 15,620 Consulting revenue 3,710 Rent expense 18,450 Salaries expense 45,970 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Also assume the following: a. The owner's initial investment consists of $38,500 cash and $45,970 in land in exchange for its common stock. b. The company's $18,450 equipment purchase is paid in cash. c. Cash paid to employees is $2,260. The accounts payable balance of $8,900 consists of the $3,710 office supplies purchase and $5,190 in employee salaries yet to be paid. FONCT d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $15,620 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign.

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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 $9,750 Cash dividends 15,620 Consulting revenue 3,710 Rent expense 18,450 Salaries expense 45,970 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Also assume the following: a. The owner's initial investment consists of $38,500 cash and $45,970 in land in exchange for its common stock. b. The company's $18,450 equipment purchase is paid in cash. c. Cash paid to employees is $2,260. The accounts payable balance of $8,900 consists of the $3,710 office supplies purchase and $5,190 in employee salaries yet to be paid. FONCT d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $15,620 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign.

Name: okntntncesOn December 1, Jasmin Ernst organized Ernst Consulting. On
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Description: okntntncesOn December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amount

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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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense 8,500 Office equipment 19,560 Telephone expense 890 Accounts payable 9,890 Miscellaneous expenses 700 Owner investments 85,460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets to launch the business. On October 31, the company's records show the following items and amounts cash $9,390 cash withdrawals by owner $2,650 accounts receivable $14,620 consulting revenue $14,620 office supplies $3,830 rent expense $4,190 land $45,980 salaries expense $7,570 office equipment $18,550 telephone expense $830 accounts payable $9,060 miscellaneous expenses $650 Owner Investments $84,580 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet
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