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[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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. Cashi Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock Assets $ $ 11,360 Cash dividends. 14,000 3,250 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Consulting revenue Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 0 ERNST CONSULTING Balance Sheet December 31 $ 0 $ 2,000 14,000 3,550 7,000 760 580 0

[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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. Cashi Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock Assets $ $ 11,360 Cash dividends. 14,000 3,250 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Consulting revenue Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 0 ERNST CONSULTING Balance Sheet December 31 $ 0 $ 2,000 14,000 3,550 7,000 760 580 0

FINANCIAL ACCOUNTING
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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[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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. Cashi Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. $ $ 11,360 Cash dividends. 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 ERNST CONSULTING Balance Sheet December 31 0 $ 0 $ 2,000 14,000 3,550 7,000 760 580 0
Transcribed Image Text:[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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. Cashi Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. $ $ 11,360 Cash dividends. 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 ERNST CONSULTING Balance Sheet December 31 0 $ 0 $ 2,000 14,000 3,550 7,000 760 580 0
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