None On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableOffice supplies$ 7,950 Cash dividends17,450 Consulting revenueRent expenseSalaries expense4,200Office equipment19,060Land46,010Telephone expenseAccounts payableCommon stock9,430 Miscellaneous expenses85,050$ 3,07017,4504,5308,090880690Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings onDecember 1 was $0.ERNST CONSULTINGStatement of Retained EarningRetained earnings, December 1$Add: Net income03,2603,260Less: Dividends3,070Retained earnings, December 31$190

Retained Earnings are the retained accumulated profit of the company over the past year. It includes…

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $7,950 Cash dividends 17,450 Consulting revenue 4,200 Rent expense 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 $ 3,070 17,450 4,530 8,090 880 690 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. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ 0 Add: Net income 3,260 3,260 Less: Dividends 3,070 Retained earnings, December 31 $ 190

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $7,950 Cash dividends 17,450 Consulting revenue 4,200 Rent expense 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 $ 3,070 17,450 4,530 8,090 880 690 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. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ 0 Add: Net income 3,260 3,260 Less: Dividends 3,070 Retained earnings, December 31 $ 190

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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