[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in assets inexchange for its common stock to launch the business. On October 31, the company's records show the following itemsand amounts. Retained eamings, October 1 as $0.$ 9,39016,0203,83045,98018,55e9, 86084,580Cash dividendsCashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableCommon stock$ 2,650Consulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses16,0204, 1907,570830650Exercise 1-15 Preparing an Income statement LO P2Using the above information prepare an October income statement for the business.ERN ST CON SULTINGIncome Statement

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained eamings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,860 84, 580 Cash dividends $ 2,650 Cash Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 16.820 4,190 7,570 830 Land Office equipment Accounts payable Common stock 650

[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained eamings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,860 84, 580 Cash dividends $ 2,650 Cash Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 16.820 4,190 7,570 830 Land Office equipment Accounts payable Common stock 650

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 25E: Financial statements We-Sell Realty was organized as a corporation on August 1, 20Y7, by the...

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You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?
Financial statements We-Sell Realty was organized as a corporation on August 1, 20Y7, by the issuance of common stock of 15,000. We-Sell Realty is owned and operated by Omar Farah, the sole stockholder. The following statements for We-Sell Realty were prepared after its first month of operations: a. Identify the errors contained within the presented financial statements for We-Sell Realty. b. Prepare a corrected set of financial statements for We-Sell Realty.
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Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?