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 8,230 Miscellaneous expenses 83,660 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet + $ 0 $ $ 1,760 13,720 3,210 6,690 870 680 0 0
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 8,230 Miscellaneous expenses 83,660 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet + $ 0 $ $ 1,760 13,720 3,210 6,690 870 680 0 0
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 17E
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