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 $82,780 in assets to launchthe business. On October 31, the company's records show the following items and amounts.CashAccounts receivableOffice suppliesLand$15,76012,5901,96046,03016,5807,25082,780Cash withdrawals by ownerConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses64012,5902,2705,450760580Office equipmentAccounts payableOwner investments Using the above information prepare an October income statement for the business.ERNST CONSULTINGIncome Statement

Here in this question, we are required to prepare income statement for the month of October. For…

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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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Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 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.
Prepare a statement of cash flows.
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 $84,000 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. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Net income $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 For Month Ended December 31 $ 2,000 14,000 0 3,550 7,000 760 580
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ROL CAPOLDE Selling and administrative expenses Required: Prepare the income statement for Armani Company for the current year ended December 31. Revenues Total revenues Expenses Total expenses 8,500 ARMANI COMPANY Income Statement For Current Year Ended December 31
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
compute for account payable, cash.
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.
The following information relates to the cash position of Ana’s Hair Salon, owned and operated by Ana T: 1. Cash at Bank account balance in the ledger as at 30 June 2022: $45,451Dr. 2. The bank statement of Ana’s Hair Salon received from its bankers as at 30 June 2022: $47,512Cr. 3. The 30 June receipts amounting to $1,820 have not been deposited. 4. Cheques issued but not presented total $3,468. 5. On 28th June, a $312 cheque was returned marked ‘dishonoured’. The cheque was forwarded by a new customer, P. Huang (was deposited on 15 June). 6. A $750 deposit made by R. Poem was wrongly credited to the bank account of Ana T. 7. As per the bank statement, the bank has charged the business’s account with fees and charges of $25. Required Prepare a bank reconciliation statement at 30 June 2022.
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $16,580 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $9,000 I. Lawson, Withdrawals 5,300 Services revenue 7,300 Rent expense 3,720 Wages expense 16,580 $ Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $17,880. LAWSON CONSULTING Balance Sheet 0 Total equity $ 2,300 14,400 2,800 8,000 $ 0 0
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 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 $ 6,650 Cash withdrawals by owner 18,650 Consulting revenue 4,640 Rent expense 46,000 Salaries expense 19,560 Telephone expense 9,890 Miscellaneous expenses 85,460 ERNST CONSULTING Income Statement $ 3,490 18,650 4,920 8.500 890 700 Using the above information prepare a December income statement for the business.
solve with working please 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 $84,200 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 Saved $10,710 Cash dividends Consulting revenue 14,600 3,450 18,170 Salaries expense Rent expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. $ 2,180 14,600 3,750 7,160 780 600

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