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 Cash dividends Consulting revenue Rent expense 17,710 Salaries expense 45,940 Telephone expense 8,230 83,660 $ Miscellaneous expenses the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 0 $ 0 $ 1,760 13,720 3,210 6,690 0 0 870 680

Use the following information for the Exercises below. (Algo) Skip to question   [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Office equipment 18,310 Salaries expense 7,350 Land 45,990 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common stock 84,310       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.

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets to launch the business. On October 31, the company's records show the following items and amounts cash $9,390                              cash withdrawals by owner $2,650 accounts receivable $14,620    consulting revenue $14,620 office supplies $3,830               rent expense $4,190 land $45,980                             salaries expense $7,570 office equipment $18,550         telephone expense $830 accounts payable $9,060           miscellaneous expenses $650 Owner Investments $84,580 Using the above information prepare an October 31 balance sheet for Ernst Consulting           ERNST CONSULTING Balance Sheet

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 $84,000 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 Net income $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense ERNST CONSULTING Income Statement Using the above information prepare a December income statement for the business. 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 For Month Ended December 31 $ 2,000 14,000 0 3,550 7,000 760 580

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $ 7,950 Cash dividends Consulting revenue Rent expense 17,450 4,200 19,060 Salaries expense 46,010 Telephone expense 9,430 Miscellaneous expenses 85,050 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet < Prev 10 of 10 Next $ 3,070 17,450 0 4,530 8,090 880 690

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 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 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. Retained earnings, December 1 Add: Net income Answer is not complete. Cash dividends Consulting revenue Rent expense 16,780 Salaries expense 46,010 Telephone expense 7,360 Miscellaneous expenses 82,890 Less: Dividends Retained earnings, December 31 $ 15,140 12,720 2,110 $ $ 830 12,720 2,380 5,620 780 600 3,340 3,340 830 2,510

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 $82,780 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land office equipment Accounts payable Owner investments $ 15,760 Cash withdrawals by owner 12,590 Consulting revenue 1,960 Rent expense Salaries expense Telephone expense Miscellaneous expenses 46,030 16,580 7,250 82,780 ERNST CONSULTING Income Statement $ 640 12,590 2,270 5,450 760 580 Using the above information prepare a December income statement for the business.

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