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 $84,780 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CanhAccounts receivable.office suppliesoffice equipmentLandAccounts payableCommon stockCashOffice suppliesOffice equipment.Total assetsAssets$ 8,99016,5403,930Use the above information to prepare a December 31 balance sheet for Ernst Consulting.Cash dividendsConsulting revenueRent expense$18,660 Salaries expense45,980 Telephone expense9,170 Miscellaneous expenses84,780ERNST CONSULTINGBalance SheetFor Month Ended December 318,990 Accounts payable3,93018,660 Total liabilitiesCommon stockRetained earningsLiabilitiesEquityTotal equity$ 31,580 Total liabilities and equity$$9,1709,17084,780$ 2,83016,5404,3007,74085067084,78093.950

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Description: 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 $84,780 in assets inexchange for its common stock to launch the busi

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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 $84,780 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets $8,990 Cash dividends 16,540 Consulting revenue 3,930 Rent expense 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 ERNST CONSULTING Balance Sheet For Month Ended December 31: 1000 $ 2,830 16,540 4,300 7,740 Liabilities 850 670

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 $84,780 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets $8,990 Cash dividends 16,540 Consulting revenue 3,930 Rent expense 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 ERNST CONSULTING Balance Sheet For Month Ended December 31: 1000 $ 2,830 16,540 4,300 7,740 Liabilities 850 670

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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Required information 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 $84,780 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 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 ERNST CONSULTING Statement of Retained Earning $8,990 Cash dividends 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Retained earnings, December 1 $ $ 2,830 16,540 4,300 7,740 850 670 0
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 $83,010 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. $ 14,890 Cash dividends 12,820 Consulting revenue 2,290 16,900 Salaries expense 45,960 Telephone expense 7,670 Miscellaneous expenses $ 930 12,820 2,530 5,780 790 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Rent expense 610 83,010 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
Requirement: Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format. The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow: March 1: Opened the company with initial investment of P536,000 Cash. March 2: Paid P6,000 rent for March on a completely furnished building. March 5: Paid cash for delivery trucks, P220,000. March 9: Paid P2,200 for supplies received. March 12: Performed delivery services for customers P27,000 on account. March 15: Invested additional cash P105,200 March 20: Collected cash of P14,500 from customers on account (see March 12 entry). March 21: Received a bill and paid for P1,200 for advertising in the local newspaper March 27: Paid…
Required information 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 $84,780 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 $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 2,830 16,540 4,300 7,740 850 670
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 $85,160 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 ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 Add: Net income Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Less: Dividends $ $ 7,520 Cash dividends 17,950 4,310 19,190 46,000 9,600 85,160 $ Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,950 4,720 8,220 900 710 3,450 3,450 6,900 3,190 3,710
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…
GRADED: Recording transactions in t-accountsTHE SMITH COMPANYUsing the business transactions below, complete T-accounts for the Smith Company. I have provideda blank sheet of t-accounts as an attachment to this assignment. The company started business onJune 1, 2019.a. John Smith, owner, invested $120,000 cash in the company.b. The company purchased $10,000 of office equipment on credit.c. The company billed a customer $2,000 as fees for services provided.d. The company paid $1,000 cash for the monthly rent.e. The company purchased office supplies for $500 cash.f. The company paid $300 for the utilities for the month.g. The company received $15,000 cash as fees for services provided to a customer.h. The company paid the secretary’s salary for the month, $3,000.i. John Smith withdrew $6,000 cash from the company for personal use.As you work this problem, be sure to label entries with the appropriate “letter” associated with thetransaction. Also, be sure to compute the T-account balances…
Required information 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 $83,390 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 $ 13,210 13,320 2,720 Cash dividends Consulting revenue Rent expense 17,350 Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 $1,460 13,320 2,950 6,290 830 640
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 $84,580 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 $ 9,390 Cash dividends 16,020 3,830 Consulting revenue Rent expense 18,550 Salaries expense 45,980 Telephone expense 9,060 Miscellaneous expenses 84,580 $ 2,650 16,020 4,190 7,570 830 650
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
[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 13,720 2,990 17,710 45,940 8,230 83,660 ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. 0 0 $ 1,760 13,720 0 3,210 6,690 870 680
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 $83,390 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 ERNST CONSULTING Statement of Retained Earning Retained earings, December 11 $ 13,210 Cash dividends Consulting revenue 13,320 Rent expense Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ $ 2,720 17,350 .0 0 $ 1,460 13,320 2,950 6,290 830 640 0