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 $84,200 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 $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense 18,170 Salaries expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600
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 $84,200 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 $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense 18,170 Salaries expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600
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 $84,200 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
$ 10,710 Cash dividends
Consulting revenue
Rent expense
14,600
3,450
18,170 Salaries expense
46,030 Telephone expense
8,630 Miscellaneous expenses
84,200
$ 2,180
14,600
3,750
7,160
780
600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2880ea67-6b22-470e-ad20-d2e155929490%2Fce1ed3d0-2309-4516-bb47-be6bc19b7131%2Ft6as2bp_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 $84,200 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
$ 10,710 Cash dividends
Consulting revenue
Rent expense
14,600
3,450
18,170 Salaries expense
46,030 Telephone expense
8,630 Miscellaneous expenses
84,200
$ 2,180
14,600
3,750
7,160
780
600
Transcribed Image Text:Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on
December 1 was $0.
ERNST CONSULTING
Statement of Retained Earning
Retained earnings, December 1
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