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 Consulting revenue Rent expense 17,450 4,200 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 4 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet < Prev 10 ‒‒‒ of 10 ‒‒‒ ‒‒‒ Next $ 3,070 17,450 0 4,530 8,090 880 690

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 Consulting revenue Rent expense 17,450 4,200 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 4 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet < Prev 10 ‒‒‒ of 10 ‒‒‒ ‒‒‒ Next $ 3,070 17,450 0 4,530 8,090 880 690

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 ownercontributed $85,050 in assets in exchange for its common stock to launch the business. OnDecember 31, the company's records show the following items and 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.
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
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
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