Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $8,990 Cash dividends 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 sing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on ecember 1 was $0.
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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 $8,990 Cash dividends 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 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
Problem 1Q
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![Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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
Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2
ERNST CONSULTING
Statement of Retained Earning
$8,990 Cash dividends
16,540 Consulting revenue
Rent expense
3,930
18,660 Salaries expense
45,980 Telephone expense
9,170 Miscellaneous expenses
84,780
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
Retained earnings, December 1
$
$ 2,830
16,540
4,300
7,740
850
670
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1c5f6ac-7ad6-47e4-8397-f772eb2b95f5%2F7c855330-95ba-4f7b-8401-3aa5c8f76a07%2F5lejrwn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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
Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2
ERNST CONSULTING
Statement of Retained Earning
$8,990 Cash dividends
16,540 Consulting revenue
Rent expense
3,930
18,660 Salaries expense
45,980 Telephone expense
9,170 Miscellaneous expenses
84,780
Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
Retained earnings, December 1
$
$ 2,830
16,540
4,300
7,740
850
670
0
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