S Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare an October statement of retained earnings for Ernst Consulting.

S Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare an October statement of retained earnings for Ernst Consulting.

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Description: cesRequired information[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets inexchange for its common stock to launch the bus

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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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 $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. Canh Accounts receivable. office supplies office equipment Land Accounts payable Common stock Cash Office supplies Office equipment. Total assets Assets $ 8,990 16,540 3,930 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash dividends Consulting revenue Rent expense $ 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 ERNST CONSULTING Balance Sheet For Month Ended December 31 8,990 Accounts payable 3,930 18,660 Total liabilities Common stock Retained earnings Liabilities Equity Total equity $ 31,580 Total liabilities and equity $ $ 9,170 9,170 84,780 $ 2,830 16,540 4,300 7,740 850 670…
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $ 7,950 Cash dividends Consulting revenue Rent expense 17,450 4,200 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet < Prev 10 of 10 Next $ 3,070 17,450 0 4,530 8,090 880 690
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 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 ERNST CONSULTING Statement of Retained Earning Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 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 Add: Net income Answer is not complete. Cash dividends Consulting revenue Rent expense 16,780 Salaries expense 46,010 Telephone expense 7,360 Miscellaneous expenses 82,890 Less: Dividends Retained earnings, December 31 $ 15,140 12,720 2,110 $ $ 830 12,720 2,380 5,620 780 600 3,340 3,340 830 2,510
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 to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land office equipment Accounts payable Owner investments $ 15,760 Cash withdrawals by owner 12,590 Consulting revenue 1,960 Rent expense Salaries expense Telephone expense Miscellaneous expenses 46,030 16,580 7,250 82,780 ERNST CONSULTING Income Statement $ 640 12,590 2,270 5,450 760 580 Using the above information prepare a December income statement for the business.
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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 $82,650 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. $ 15,200 Cash dividends 12,410 Consulting revenue 1,770 Rent expense 16,450 Salaries expense 46,080 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash $ 460 Accounts receivable Office supplies Office equipment 12,410 2,140 5,300 Land 750 Accounts payable 560 Common stock Also assume the following: a. The owner's initial investment consists of $36,570 cash and $46,080 in land in exchange for its common stock. b. The company's $16,450 equipment purchase is paid in cash. c. Cash paid to employees is $1,010. The accounts payable balance of $6,060 consists of the $1,770 office supplies purchase and $4,290 in employee salaries yet to be paid. d. The…