S Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 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 earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare an October statement of retained earnings for Ernst Consulting.

S Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 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 earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare an October statement of retained earnings for Ernst Consulting.

Name: cesRequired information[The following information applies to the ques
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: cesRequired information[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets inexchange for its common stock to launch the bus

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

mework i Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part b Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: b. Baird is in the car rental business. The $38,100 was paid to purchase automobiles. The automobiles were purchased on January 1, Year 1, and have three-year useful lives, with no expected salvage value. Baird uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below. Income Statement 2 Prepare an Income Statement. W Balance Sheet S BAIRD COMPANY Income Statement for Year 1 7 3 E D 4 $ $ R D F 0 0 % 5 * 8 J 1 ( 9 K O 0 L P Help >
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. Canh Accounts receivable. office supplies office equipment Land Accounts payable Common stock Cash Office supplies Office equipment. Total assets Assets $ 8,990 16,540 3,930 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash dividends Consulting revenue 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 8,990 Accounts payable 3,930 18,660 Total liabilities Common stock Retained earnings Liabilities Equity Total equity $ 31,580 Total liabilities and equity $ $ 9,170 9,170 84,780 $ 2,830 16,540 4,300 7,740 850 670…
The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,700 Cost of goods sold 121,000 Income tax expense 8,500 Cash 62,000 Net sales 203,000 Equipment 127,000 Selling, general, and administrative expenses 36,000 Common stock (8,000 shares) 94,000 Accounts payable 13,900 Retained earnings, 1/1/19 28,800 Interest expense 5,900 Merchandise inventory 38,500 Long-term debt 35,000 Dividends declared and paid during 2019 15,800 Except as otherwise indicated, assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year ended December 31, 2019. There were no changes in paid-in capital during the year.Required: Prepare an income statement and statement of changes in stockholders' equity for the year ended December 31, 2019, and a…
1.The following accounts and balances were taken from the financial statements of r@ktas Inc. Prepare a classified balance sheet as of December 31,2018. $ 40.000 $ 80.000 $ 5.000 $ 120,000 $ 43,000 $ 15,000 $ 75,000 Bank credit Cash Short-term investments Accounts payable Property&Equipment Retained earnings Inventory Capital Prepaid insurance ? $ 12,000 r@ktas Inc. Balance Sheet at December 31,2020
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
help me with this accounting question
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.
P.nilesh
Rahul
Dog
Use the following to answer questions 19 – 24 The following balance sheet items, listed in alphabetical order, are available from the records of BAY Corporation at December 31, 20XD: Accounts payable $25,000 Inventory $145,000 Accounts receivable 50,000 Land 225,000 Automobiles, net 60,000 Long-Term investment 100,000 Bond payable Buildings, net 500,000 Notes payable, due 11 months 75,000 980,000 Patents 15,000 Payroll taxes payable Prepaid expenses Retained earnings Common stock 750,000 4,000 Cash 47,000 2,500 Income tax payable 13,000 255,000 Interest payable 3,000 Supplies 500 19. $ How much are the current assets? 20. $ How much are the total assets? 21. $ How much are the current liabilities? 22. $ How much are the total liabilities? 23. $ How much is the total stockholders' equity? 24. What is the current ratio, (round to two decimal places)?