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 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 $82,650 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 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can you help me with this
![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
16,450 Telephone expense
6,060 Miscellaneous expenses
82,650
Cash
Accounts receivable
Office supplies
Land
Salaries expense
Office equipment
Accounts payable
Owner investments
Use the above information to prepare a December 31 balance
sheet for Ernst Consulting.
ERNST CONSSULTING
Balance Sheet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b452d21-154e-4b1a-bf1d-e4e8811e16f2%2F79862e6d-6410-4fb4-862e-4bf75b971a77%2Fyh87w26_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
16,450 Telephone expense
6,060 Miscellaneous expenses
82,650
Cash
Accounts receivable
Office supplies
Land
Salaries expense
Office equipment
Accounts payable
Owner investments
Use the above information to prepare a December 31 balance
sheet for Ernst Consulting.
ERNST CONSSULTING
Balance Sheet
![nformation
'g information applies to the questions
low.]
er 1, Jasmin Ernst organized Ernst Consulting.
er 3, the owner contributed $82,650 in assets to
usiness. On December 31, the company's
v the following items and amounts.
$ 15,200 Cash withdrawals by owner
12,410 Consulting revenue
1,770 Rent expense
46,080 Salaries
16,450 Telephone expense
6,060 Miscellaneous expenses
$ 460
12,410
2,140
5,300
eceivable
plies
xpense
ipment
ayable
750
560
stments
82,650
nformation to prepare a December 31 balance
Consulting.
ERNST CONSULTING
Balance Sheet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b452d21-154e-4b1a-bf1d-e4e8811e16f2%2F79862e6d-6410-4fb4-862e-4bf75b971a77%2F1gd0fty_processed.jpeg&w=3840&q=75)
Transcribed Image Text:nformation
'g information applies to the questions
low.]
er 1, Jasmin Ernst organized Ernst Consulting.
er 3, the owner contributed $82,650 in assets to
usiness. On December 31, the company's
v the following items and amounts.
$ 15,200 Cash withdrawals by owner
12,410 Consulting revenue
1,770 Rent expense
46,080 Salaries
16,450 Telephone expense
6,060 Miscellaneous expenses
$ 460
12,410
2,140
5,300
eceivable
plies
xpense
ipment
ayable
750
560
stments
82,650
nformation to prepare a December 31 balance
Consulting.
ERNST CONSULTING
Balance Sheet
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