[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 inexchange for its common stock to launch the business. On October 31, the company's records show the following itemsand amounts. Retained eamings, October 1 as $0.$ 9,39016,0203,83045,98018,5509,06084,580Cash dividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses$ 2,65016,8204,1907,570830650CashAccounts receivableOffice suppliesLandoffice equipmentAccounts payableCommon stockExercise 1-17 Preparlng a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet2$

The balance sheet is an essential part of the financial statement. It indicates total balance of…

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 $ 2,650 16,820 4,190 7,570 830 Cash dividends Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.

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 $ 2,650 16,820 4,190 7,570 830 Cash dividends Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.

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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