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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on December 1 was $0. S Salaries expense Telephone expense $ 18,000 46,000 8,500 Miscellaneous expenses 84,000 0 $ 2,000 14,000 3,550 7,000 760 580 0
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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on December 1 was $0. S Salaries expense Telephone expense $ 18,000 46,000 8,500 Miscellaneous expenses 84,000 0 $ 2,000 14,000 3,550 7,000 760 580 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
[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 $ 11,360 Cash dividends 14,000 3,250 ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on December 1 was $0. $ Consulting revenue Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 0 0 $ 2,000 14,000 3,550 7,000 760 580 0
![4
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
$ 11,360 Cash dividends
14,000 Consulting revenue
3,250 Rent expense
18,000 Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on
December 1 was $0.
ERNST CONSULTING
Statement of Retained Earnings
Retained earnings, December 1
$
$ 2,000
14,000
3,550
7,000
760
580
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa3d4314-84c6-4a81-a5c0-455b3504fd25%2F7c26050d-aa80-41db-9ece-16d3b3d66463%2F53zinb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4
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
$ 11,360 Cash dividends
14,000 Consulting revenue
3,250 Rent expense
18,000 Salaries expense
46,000 Telephone expense
8,500 Miscellaneous expenses
84,000
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on
December 1 was $0.
ERNST CONSULTING
Statement of Retained Earnings
Retained earnings, December 1
$
$ 2,000
14,000
3,550
7,000
760
580
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education