Homework Help is Here – Start Your Trial Now!
Business
Accounting
on prepare an October 31 balance sheet for Ernst Consulting.

on prepare an October 31 balance sheet for Ernst Consulting.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

what am I missing? It keeps saying my answer is incomplete.

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,78 assets in exchange for its common stock to launch the business. On October 31, the company's reco show the following items and amounts. Retained earnings, October 1 as $0. $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends Cash Accounts receivable $ 12,590 2,270 5,450 760 580 640 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Office supplies Land Office equipment Accounts payable Common stock 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 As of October 31 Assets Liabilities Cash $ 15,760 Accounts payable 7,250 Accounts receivable 12,590 Office supplies 1,960 7,250 Land 46,030 Equity Office equipment 16,580 Common stock 82,780 Retained earnings 2,890 Total equity 85,670 Total assets $ 92,920 Total liabilities and equity $ 92,920
Transcribed Image Text:On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,78 assets in exchange for its common stock to launch the business. On October 31, the company's reco show the following items and amounts. Retained earnings, October 1 as $0. $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends Cash Accounts receivable $ 12,590 2,270 5,450 760 580 640 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Office supplies Land Office equipment Accounts payable Common stock 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 As of October 31 Assets Liabilities Cash $ 15,760 Accounts payable 7,250 Accounts receivable 12,590 Office supplies 1,960 7,250 Land 46,030 Equity Office equipment 16,580 Common stock 82,780 Retained earnings 2,890 Total equity 85,670 Total assets $ 92,920 Total liabilities and equity $ 92,920
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS