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 expenses82,650CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investmentsUsing the above information prepare a December incomestatement for the business.ERNST CONSULTINGIncome Statement 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 expenses82,650$ 46012,4102,1405,300750560ashccounts receivableffice suppliesandffice equipmentccounts payablewner investmentsie above information prepare a December incoment for the business.ERNST CONSULTINGIncome Statement

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Description: 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'

Net income is computed by deducting total expenses from total revenue.

Business

Accounting

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 $82,650 in assets to launch the business. On December 31, the company's records 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING 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 $82,650 in assets to launch the business. On December 31, the company's records 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement

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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Here are selected transactions of Mason Consulting Service. Post the transactions into the appropriate Ledger accounts DATE TRANSACTIONS 20X1 Sept. 1 Zack Mason invested $41,000 in cash to start the firm. 4 Purchased office equipment for $4,600 on credit from Den, Inc.; received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,600 in full payment. 20 Purchased supplies for $330; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $75. 30 Issued Check 1003 for $2,750 to Den, Inc., as payment on account for Invoice 9823. 30 Withdrew $1,100 in cash for personal expenses. 30 Issued Check 100ø4 for $750 to pay the rent for October. 30 Performed services for $3,200 in cash. 30 Paid $340 for monthly telephone bill, Check 1005.
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Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
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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 $82,650 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 $ 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 5,300 750 560 Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ Add: Investments by owner 82,650 Add: Net income 3,660 86,310 Less: Withdrawals by owner 460 J. Ernst, Capital, December 31 $ 85,850
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On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 J. Ernst, Capital, December 11 Add: Net income Less: Not loss $9,390 Cash withdrawals by owner Consulting revenue 16,020 3,830 Rent expense 45,980 Salaries expense 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity $ S 0 2,600 2,600 $ 2,650 16,020 4,190 2.600 7,570 830 650
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense 8,500 Office equipment 19,560 Telephone expense 890 Accounts payable 9,890 Miscellaneous expenses 700 Owner investments 85,460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
In its first year of operations, Tammy Corp. earned $56,700 in service revenue. Of that amount, $8,200 was on account and the remainder, $48,500, was collected in cash from customers. The company incurred various expenses totalling $30,800, of which $27,300 was paid in cash. At year end, $3,500 was still owing on account. In addition, Tammy prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Tammy expects to owe $3,000 of income tax when it files its corporate income tax return after year end. (a) Calculate the first year's net income under the accrual basis of accounting. Net income under accrual basis $