quired informatione following information applies to the questionsplayed below.]December 1, Jasmin Ernst organized Ernst Consulting.December 3, the owner contributed $82,650 in assets tonch the business. On December 31, the company'sords show the following items and amounts.$ 15,200 Cash withdrawals by owner12,410 Consulting revenue1,770 Rent expense46,080 Salaries expense16,450 Telephone expense6,060 Miscellaneous expenses82,650ash$ 460ccounts receivable12,4102,1405,300ffice suppliesandffice equipmentccounts payablewner investments750560ne above information prepare a December statementer's equity for Ernst Consulting. Hint. J. Ernst, Capitalember 1 was $0.ERNST CONSULTINGStatement of Owner's Equityapital, December 1$$ Required information[The following information applies to the questionsdisplayed below.]On December 1, Jasmin Ernst organized Ernst Consulting.On December 3, the owner contributed $82,650 in assets tolaunch the business. On December 31, the company'srecords show the following items and amounts.$ 15,200 Cash withdrawals by owner12,410 Consulting revenue1,770 Rent expense46,080 Salaries expense16,450 Telephone expense6,060 Miscellaneous expensesCashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investments82,650Using the above information prepare a December statementof owner's equity for Ernst Consulting. Hint: J. Ernst, Capitalon December 1 was $0.ERNST CONSULTINGStatement of Owner's EquityJ. Ernst, Capital, December 12$2$

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Description: quired informatione following information applies to the questionsplayed below.]December 1, Jasmin Ernst organized Ernst Consulting.December 3, the owner contributed $82,650 in assets tonch the business. On December 31, the company'sords show the fo

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quired information e following information applies to the questions played below.] December 1, Jasmin Ernst organized Ernst Consulting. December 3, the owner contributed $82,650 in assets to nch the business. On December 31, the company's ords show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 ash ccounts receivable ffice supplies and ffice equipment ccounts payable wner investments 560 ne above information prepare a December statement er's equity for Ernst Consulting. Hint. J. Ernst, Capital ember 1 was $0. ERNST CONSULTING Statement of Owner's Equity apital, December 1 2$

quired information e following information applies to the questions played below.] December 1, Jasmin Ernst organized Ernst Consulting. December 3, the owner contributed $82,650 in assets to nch the business. On December 31, the company's ords show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 ash ccounts receivable ffice supplies and ffice equipment ccounts payable wner investments 560 ne above information prepare a December statement er's equity for Ernst Consulting. Hint. J. Ernst, Capital ember 1 was $0. ERNST CONSULTING Statement of Owner's Equity apital, December 1 2$

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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 $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 13,520 Accounts receivable Office supplies Land Consulting revenue Rent expense 2,850 3,110 45,940 Salaries expense 17,530 Telephone expense Office equipment Accounts payable 6,490 850 660 8,110 Miscellaneous expenses Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity 0
York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…
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…
Required Informatlon [The following Information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Cash $14,8980 930 Accounts receivable 12,820 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 790 7,678 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERN ST CON SULTING Income Statement
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
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
ROL CAPOLDE Selling and administrative expenses Required: Prepare the income statement for Armani Company for the current year ended December 31. Revenues Total revenues Expenses Total expenses 8,500 ARMANI COMPANY Income Statement For Current Year Ended December 31
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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.
es Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) 2. Prepare a statement of stockholders' equity for the year. Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first…
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
[The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash $ 25,600 Receivables from customers (all considered collectible) 10,800 Inventory of merchandise (based on physical count and priced at cost) 81,000 Equipment owned, at cost less used portion 42,000 Accounts payable owed to suppliers 46,140 Salary payable (on December 31, this was owed to an employee who will be paid on January 10) 2,520 Total sales revenue 128,400 Expenses, including the cost of the merchandise sold (excluding income taxes) 80,200 Income tax expense at 30% × pretax income; all paid during the current year ? Common stock (December 31) 87,000 Dividends declared and paid during the current year 10,000 (Note: The beginning balances in Common stock and Retained earnings are zero because it…