Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 $ 8,450 Cash withdrawals by owner 16,950 Consulting revenue 4,080 Rent expense 46,020 Salaries expense 18,860 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 $ 8,450 Cash withdrawals by owner 16,950 Consulting revenue 4,080 Rent expense 46,020 Salaries expense 18,860 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Name: +awUse the following information for the Exercises below. (Algo)[The
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Description: +awUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets tolaun

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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Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows 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 $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
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.
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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