Required information[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets to launchthe business. On October 31, the company's records show the following items and amounts.CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investments$15,76012,5901,96046,03016,5807,25082,780Cash withdrawals by ownerConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses64012,5902,2705,450760580 Using the above information prepare an October statement of owner's equity for Ernst Consulting.ERNST CONSULTINGStatement of Owner's Equity$

Statement of owners equity shows changes in equity balances during the particular period of time.…

Answered: On October 1, Ebony Ernst organized…

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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Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: • billed customers $2,413,650 for transportation services collected cash from customers in the amount of $1,381,975 • purchased fuel supplies for $1,333,800 cash • used fuel supplies that cost $1,304,750 . • employees earned salaries of $297,100 • paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's income statement. Sales Revenue Total Expenses $
On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in assets to launch the business. On October 31, the company's records show the following items and amounts Cash $8,990 cash withdrawals by owner $2,830 Accounts receivable $14,740 consulting revenue $14,740 office supplies $3,930 rent expense $4,300 land $45,980 salaries expense $7,740 office equipment $18,660 telephone expense $850 accounts payable $9,170 miscellaneous expense $670 owner investments $84,780 Using the above information prepare and October statement of owner's equity for Ernst Consulting ERNST CONSULTING Statement of Owner’s Equity For Month Ended October 31 $0 0
Ee.50.
[The following information applies to the questions displayed below.] 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 13,720 2,990 17,710 45,940 8,230 83,660 ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. 0 0 $ 1,760 13,720 0 3,210 6,690 870 680
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
The following events apply to Sally's Gift Shop for Year 1, its first year of operation: 1. Acquired $60,000 cash from the issue of common stock. 2. Issued common stock to Sally Quin, one of the owners, in exchange for merchandise inventory worth $3,200 Sally had acquired prior to opening the shop. 3. Purchased $56,200 of inventory on account. 4. Paid $4,500 for advertising expense. 5. Sold inventory for $98,300 cash. 6. Paid $12,000 in salary to a part-time salesperson. 7. Paid $47,000 on accounts payable (see Event 3). 8. Physically counted inventory, which indicated that $16,000 of inventory was on hand at the end of the accounting period. Requirements: a. Record each of the transactions in the general journal, assuming Sally's uses the periodic inventory system. b. Post the transactions to T-Accounts. c. Prepare financial statements for Sally's. d. Record the necessary closing entries for year-end. e. Post the closing entries to T-Accounts. f. Prepare a post-closing trial balance.
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 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
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 $82,780 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land office equipment Accounts payable Owner investments $ 15,760 Cash withdrawals by owner 12,590 Consulting revenue 1,960 Rent expense Salaries expense Telephone expense Miscellaneous expenses 46,030 16,580 7,250 82,780 ERNST CONSULTING Income Statement $ 640 12,590 2,270 5,450 760 580 Using the above information prepare a December income statement for the business.
Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.
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 Accounts receivable Office supplies Land office equipment Accounts payable Owner investments $ 6,650 Cash withdrawals by owner 18,650 Consulting revenue 4,640 Rent expense 46,000 Salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 ERNST CONSULTING Income Statement $ 3,490 18,650 4,920 8.500 890 700 Using the above information prepare a December income statement for the business.
solve with working please 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 $84,200 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 Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600

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