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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 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. $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 Rent expense 19,360 Salaries expense 46,040 Telephone expense 9,740 85,360 $ 3,390 18,350 4,820 8,370 Cash Accounts receivable Office supplies Office equipment Land 910 Miscellaneous expenses 720 Accounts payable Common stock g the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on mber 1 was $0. IOT CONSULTING

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 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. $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 Rent expense 19,360 Salaries expense 46,040 Telephone expense 9,740 85,360 $ 3,390 18,350 4,820 8,370 Cash Accounts receivable Office supplies Office equipment Land 910 Miscellaneous expenses 720 Accounts payable Common stock g the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on mber 1 was $0. IOT CONSULTING

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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O Question 3 - HW Chapter 01 9 Dashboard ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. û ist Class Financial Ac... H My Apps Digital Resources... HG Weight Loss Hom.. A Togetherall BB The Top 15 Comp.. UO United OPT - Top. i The World's 11 Gr... 国R apter 01 A Saved Help Save & Exit Submit Check my work 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 $85,360 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. $ 7,010 18,350 Consulting revenue $ 3,390 18,350 4,820 Cash Cash dividends Accounts receivable Office supplies Office equipment Land 4,480 Rent expense 8,370 910 19,360 Salaries expense 46,040 Telephone expense 9,740 Miscellaneous expenses 85,360 720 Accounts payable Common stock 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
Transcribed Image Text:O Question 3 - HW Chapter 01 9 Dashboard ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. û ist Class Financial Ac... H My Apps Digital Resources... HG Weight Loss Hom.. A Togetherall BB The Top 15 Comp.. UO United OPT - Top. i The World's 11 Gr... 国R apter 01 A Saved Help Save & Exit Submit Check my work 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 $85,360 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. $ 7,010 18,350 Consulting revenue $ 3,390 18,350 4,820 Cash Cash dividends Accounts receivable Office supplies Office equipment Land 4,480 Rent expense 8,370 910 19,360 Salaries expense 46,040 Telephone expense 9,740 Miscellaneous expenses 85,360 720 Accounts payable Common stock 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
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. Task List E Class Financial Ac... H My Apps Digital Resources.. HG Weight Loss Hom... A Togetherall 8e The Top 15 Comp. LO United OPT - Top. The World's 11 Gr. W Chapter 01 6 Saved Help Save & Exit 3. Check my On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 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. 2 of 3 Cash $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 19,360 Salaries expense 46,040 Telephone expense 9,740 Miscellaneous expenses 85,360 $ 3,390 Accounts receivable Office supplies Office equipment 18,350 4,820 Rent expense 8,370 910 Land Accounts payable 720 Common stock pok Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. nt nt ERNST CONSULTING nces Statement of Retained Earning Retained earnings, December 1 $ ... < Prev 3 4 of 8 Next >
Transcribed Image Text:ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/questi. Task List E Class Financial Ac... H My Apps Digital Resources.. HG Weight Loss Hom... A Togetherall 8e The Top 15 Comp. LO United OPT - Top. The World's 11 Gr. W Chapter 01 6 Saved Help Save & Exit 3. Check my On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 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. 2 of 3 Cash $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 19,360 Salaries expense 46,040 Telephone expense 9,740 Miscellaneous expenses 85,360 $ 3,390 Accounts receivable Office supplies Office equipment 18,350 4,820 Rent expense 8,370 910 Land Accounts payable 720 Common stock pok Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. nt nt ERNST CONSULTING nces Statement of Retained Earning Retained earnings, December 1 $ ... < Prev 3 4 of 8 Next >
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Retained earnings refer to the earnings accumulated by the company over a period of time that can be used for future expansion of business. 

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