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 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 $ 15,760 Cash dividends 12,590 Consulting revenue 1,960 Rent expense 16,580 Salaries expense 46,030 Telephone expense 7,250 Miscellaneous expenses 82,780 $ 640 12,590 2,270 5,450 760 580 sing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on ecember 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 $82,780 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 $ 15,760 Cash dividends 12,590 Consulting revenue 1,960 Rent expense 16,580 Salaries expense 46,030 Telephone expense 7,250 Miscellaneous expenses 82,780 $ 640 12,590 2,270 5,450 760 580 sing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on ecember 1 was $0.
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 December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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
$ 15,760 Cash dividends
12,590 Consulting revenue
1,960 Rent expense
16,580 Salaries expense
46,030 Telephone expense
7,250 Miscellaneous expenses
82,780
$ 640
12,590
2,270
5,450
760
580
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ac89015-4b1e-41e5-8d85-790f25755063%2F83df43fe-2509-4756-82bb-561a2eb04bda%2F81xfvs6f_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 $82,780 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
$ 15,760 Cash dividends
12,590 Consulting revenue
1,960 Rent expense
16,580 Salaries expense
46,030 Telephone expense
7,250 Miscellaneous expenses
82,780
$ 640
12,590
2,270
5,450
760
580
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
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