[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets inexchange for its common stock to launch the business. On December 31, the company's records show the following itemsand amounts.CashAccounts receivableOffice suppliesOffice equipmentLandAccounts payableCommon stock$ 12,04013,7202,99017,71045,9408,23083,660ERNST CONSULTINGStatement of Retained EarningRetained earnings, December 1$Cash dividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesUsing the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings onDecember 1 was $0.00$ 1,76013,72003,2106,690870680

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Description: [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 inexchange for its common stock to launch the business. On December 3

Retained earnings are the unallocated profits available for distribution to the shareholders. It is…

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[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 Consulting revenue 13,720 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense 8,230 83,660 Miscellaneous expenses $ 1,760 13,720 3,210 6,690 870 680 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.

[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 Consulting revenue 13,720 2,990 Rent expense 17,710 Salaries expense 45,940 Telephone expense 8,230 83,660 Miscellaneous expenses $ 1,760 13,720 3,210 6,690 870 680 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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