Use the following information for the exercise (s) below LO P2 (Algo) [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 Accounts receivable office supplies Land Office equipment Accounts payable Common stock rcise 1-20 (Algo) Preparing a balance sheet LO P2 n punts receivable 9 e equipment e supplies the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets assets $ 7,010 Cash dividends 18,350 4,480 Consulting revenue Rent expense 46,040 Salaries expense 19,360 Telephone expense $ 9,740 Miscellaneous expenses 85,360 ERNST CONSULTING Balance Sheet December 31 7,010 Accounts payable 18,350 46,040 19,360 4,480 Common stock Liabilities Equity Total equity $ 95,240 Total liabilities and equity $ $ 9,740 3,390 85,360 85,360 98,490 $ 3,390 18,350 4,820 8,370 910 720
Use the following information for the exercise (s) below LO P2 (Algo) [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 Accounts receivable office supplies Land Office equipment Accounts payable Common stock rcise 1-20 (Algo) Preparing a balance sheet LO P2 n punts receivable 9 e equipment e supplies the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets assets $ 7,010 Cash dividends 18,350 4,480 Consulting revenue Rent expense 46,040 Salaries expense 19,360 Telephone expense $ 9,740 Miscellaneous expenses 85,360 ERNST CONSULTING Balance Sheet December 31 7,010 Accounts payable 18,350 46,040 19,360 4,480 Common stock Liabilities Equity Total equity $ 95,240 Total liabilities and equity $ $ 9,740 3,390 85,360 85,360 98,490 $ 3,390 18,350 4,820 8,370 910 720
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Use the following information for the exercise(s) below LO P2 (Algo)
[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
Accounts receivable.
Office supplies
Land
Office equipment
Accounts payable
Common stock
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Assets
Cash
Accounts receivable
Land
Office equipment
Office supplies
Total assets
$ 7,010
18,350
4,480
Rent expense
46,040
Salaries expense.
19,360 Telephone expense
9,740 Miscellaneous expenses
85,360
$
Cash dividends
Consulting revenue.
ERNST CONSULTING
Balance Sheet
December 31
7,010 Accounts payable
18,350
46,040
19,360
4,480 Common stock
Liabilities
Equity
Total equity
$ 95,240 Total liabilities and equity
$
$
9,740
3,390
85,360
85,360
98,490
$ 3,390
18,350
4,820
8,370
910
720](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5cfca9fd-8d5a-4925-879a-c3fb2d3e710c%2F884ade53-0a03-4671-b8ab-b63165e8fb49%2Fj2ydpbi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
Use the following information for the exercise(s) below LO P2 (Algo)
[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
Accounts receivable.
Office supplies
Land
Office equipment
Accounts payable
Common stock
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Assets
Cash
Accounts receivable
Land
Office equipment
Office supplies
Total assets
$ 7,010
18,350
4,480
Rent expense
46,040
Salaries expense.
19,360 Telephone expense
9,740 Miscellaneous expenses
85,360
$
Cash dividends
Consulting revenue.
ERNST CONSULTING
Balance Sheet
December 31
7,010 Accounts payable
18,350
46,040
19,360
4,480 Common stock
Liabilities
Equity
Total equity
$ 95,240 Total liabilities and equity
$
$
9,740
3,390
85,360
85,360
98,490
$ 3,390
18,350
4,820
8,370
910
720
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