N 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 $83,660 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 $ 12,040 Cash dividends 13,720 Consulting revenue 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ 8,230 Miscellaneous expenses 83,660 $ 0 0 0 < Prev 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 MacBook Air Next >
N 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 $83,660 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 $ 12,040 Cash dividends 13,720 Consulting revenue 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ 8,230 Miscellaneous expenses 83,660 $ 0 0 0 < Prev 8 9 of 9 $ 1,760 13,720 3,210 6,690 870 680 MacBook Air Next >
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter2: Asset And Liability Valuation And Income Recognition
Section: Chapter Questions
Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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