Use the following information for exercise 15 to 18 LO P2 [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 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. $ 1,570 $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 13,520 3,110 6,490 850 Accounts receivable Office supplies Land Office equipment Accounts payable 660 Common stock ercise 1-16 Preparing a statement of retained earnings LO P2 ng the above information prepare an October statement of retained earnings for Ernst Consulting.

Use the following information for exercise 15 to 18 LO P2 [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 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. $ 1,570 $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 13,520 3,110 6,490 850 Accounts receivable Office supplies Land Office equipment Accounts payable 660 Common stock ercise 1-16 Preparing a statement of retained earnings LO P2 ng the above information prepare an October statement of retained earnings for Ernst Consulting.

Name: Required informationUse the following information for exercise 15 to
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Description: Required informationUse the following information for exercise 15 to 18 LO P2[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 as

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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14. How much is the correct balance of the Accumulated retained earnings unappropriated account?
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Required information [The following information applies to the questions displayed below.] Munoz Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Munoz received $63,600 cash from revenue and incurred costs that required $49,600 of cash payments. Prepare a GAAP-based income statement and balance sheet for Munoz Company for year 1, for the below scenario: c. Munoz is a manufacturing company. The $49,600 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that were used to make products during the year. (2) Paid $1,880 cash for wages of factory workers who made products during the year. (3) Paid $23,720 cash for salaries of sales and administrative employees. (4) Paid $20,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,300 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and…
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