se 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.
se 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 |
| 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.
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