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 $85,160 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableoffice suppliesOffice equipmentLandAccounts payableCommon stockERNST CONSULTINGStatement of Retained EarningRetained earnings, December 1Add: Net incomeUsing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings onDecember 1 was $0.Less: Dividends$$ 7,520 Cash dividends17,9504,31019,19046,0009,60085,160$Consulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses$ 3,19017,9504,7208,2209007103,4503,4506,9003,1903,710

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Description: 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 $85,160 in assets inexchange for its common stock to launch the bus

The income statement is prepared to record the revenue and expenses for the current period. The…

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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 $85,160 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 Ac ounts payable Common stock $ 7,520 Cash dividends Consulting revenue Rent expense 17,950 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Ising the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $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 $85,160 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 Ac ounts payable Common stock $ 7,520 Cash dividends Consulting revenue Rent expense 17,950 4,310 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Ising the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.

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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