On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84, 580 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 7,570 830 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Cash Accounts payable Accounts receivable Office supplies Total liabilities Equity Office equipment Common stock Retained earnings Land Total equity Total assets 0 Total liabilities and equity 2$

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84, 580 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 7,570 830 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Cash Accounts payable Accounts receivable Office supplies Total liabilities Equity Office equipment Common stock Retained earnings Land Total equity Total assets 0 Total liabilities and equity 2$

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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[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained eamings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84,580 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,820 4,190 7,570 830 650 Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock Exercise 1-17 Preparlng a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 2$
Relax Company reported the balances listed below for the year ending 31 December Year 2. Prepare a Balance Sheet and determine the balance for the Bank account: Land $12,000 Bank ??? Building $50,000 Stockholders' equity $80,000 Accounts payable $18,000 Retained earnings $14,000 Accounts receivable $16,000 Transportation equipment $18,000 Group of answer choices $ 24,000 $ 36,000 $ 10,000 $ 16,000
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 $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. Cash $ 7,010 Accounts receivable Office supplies 18,350 4,480 Office equipment 19,360 Land 46,040 Accounts payable 9,740 Common stock 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Also assume the following: a. The owner's initial investment consists of $39,320 cash and $46,040 in land in exchange for its common stock. b. The company's $19,360 equipment purchase is paid in cash. c. Cash paid to employees is $3,110. The accounts payable balance of $9,740 consists of the $4,480 office supplies purchase and $5,260 in employee salaries yet to be paid. d. The…
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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
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
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
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 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 ERNST CONSULTING Statement of Retained Earning 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. Retained earnings, December 1 Add: Net income Answer is not complete. Cash dividends Consulting revenue Rent expense 16,780 Salaries expense 46,010 Telephone expense 7,360 Miscellaneous expenses 82,890 Less: Dividends Retained earnings, December 31 $ 15,140 12,720 2,110 $ $ 830 12,720 2,380 5,620 780 600 3,340 3,340 830 2,510
P.nilesh
Rahul
Required information [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,700 cash during the year. Cash Accounts receivable Supplies Equipment $ 10,700 9,700 6,700 5,700 Accounts payable 12,400 Armani, Capital, December 31, prior year 16,700 Armani, Capital, December 31, current year 20,400 Armani, Withdrawals 13,700 Consulting revenue 34,400 Rental revenue 23,400 Salaries expense 20,700 Rent expense 12,700 4 Selling and administrative expenses 8,700 Required: Prepare the income statement for Armani Company for the current year ended December 31 Revenues Total revenues Expenses ARMANI COMPANY Income Statement For Current Year Ended December 31 $ 0

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ERNST CONSULTING Income Statement For the month ended October 31
Revenue
Consulting Revenue	$16,020

Total revenue		$16,020

Expenses
Rent expense	4190
Salaries expense	7570
Telephone expense	830
Miscellaneous expense	650
Total expenses		13,240

Net Income		$2780