[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0

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Description: 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 $83,540 in assets to launchthe business. On October 31, the company's

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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On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
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 $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense 8,500 Office equipment 19,560 Telephone expense 890 Accounts payable 9,890 Miscellaneous expenses 700 Owner investments 85,460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets to launch the business. On October 31, the company's records show the following items and amounts cash $9,390 cash withdrawals by owner $2,650 accounts receivable $14,620 consulting revenue $14,620 office supplies $3,830 rent expense $4,190 land $45,980 salaries expense $7,570 office equipment $18,550 telephone expense $830 accounts payable $9,060 miscellaneous expenses $650 Owner Investments $84,580 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet
You are the bookkeeper for Harley Inc., a newly formed corporation. Harley had the following transactions for their business: * Four shareholders contributed $40,000 ($10,000 each) in exchange for Harley common stock. * Harley purchased inventory for $5,000. Harley received an invoice for the inventory that is due in 30 days. What are the effects on Harley's accounting equation? A B D Based on the two transactions, Assets increased by $40,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $45,000. Based on the two transactions, Assets increased by $45,000, Liabilities increased by $5,000 and Shareholder Equity increased by $40,000. C Based on the two transactions, Assets increased by $15,000, Liabilities increased by $5,000 and Shareholder Equity increased by $10,000. Based on the two transactions, Assets increased by $35,000, Liabilities decreased by $5,000 and Shareholder Equity increased by $40,000.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets to launch the business. On October 31, the company's records show the following items and amounts cash $9,390 cash withdrawals by owner $2,650 accounts receivable $14,620 consulting revenue $14,620 office supplies $3,830 rent expense $4,190 land $45,980 salaries expense $7,570 office equipment $18,550 telephone expense $830 accounts payable $9,060 miscellaneous expenses $650 Owner Investments $84,580 Also assume the following: a. The owners initial investment consists of $38,600 cash and $45,980 in land b. The company's $18,550 equipment purchase is paid in cash c. the accounts payable balance of $9,060 consists of the $3,830 office supplies purchase and $5,230 in employee salaries yet to be paid d. the company's rent, telephone and…
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 $85,360 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 $ 7,010 Accounts receivable Office supplies 18,350 4,480 Office equipment 19,360 Land 46,040 Accounts payable 9,740 Common stock 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Also assume the following: a. The owner's initial investment consists of $39,320 cash and $46,040 in land in exchange for its common stock. b. The company's $19,360 equipment purchase is paid in cash. c. Cash paid to employees is $3,110. The accounts payable balance of $9,740 consists of the $4,480 office supplies purchase and $5,260 in employee salaries yet to be paid. d. The…
Required Informatlon [The following Information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Cash $14,8980 930 Accounts receivable 12,820 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 790 7,678 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERN ST CON SULTING Income Statement
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
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.