On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in...
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $ 7,950 Cash withdrawals by owner 17, 450 Consulting revenue 4,200 Rent expense 46.010 Salaries expense 19, 060 Telephone expense 9,430 Miscellaneous expenses 85,050 $ 3,070 17.450 4,530 8,090 880 690 Using the above information prepare a December income statement for the business. es 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 $85,050 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 $7.950 Cash withdrawals by owner: 17.450 Consulting revenue 4.200 Rent expense 46.010 Salaries expense Telephone expense 19.060 Miscellaneous expenses 9.430 85, 050 Jasmin Ernst, Capital, December 1 ERNST CONSULTING Statement of Owner's Equity Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint Jasmin Ernst, Capital on December 1 was $0. $ S 0 $ 3,070 17, 450 0 4,530 8, 090 880 690 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 $85,050 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 $7,950 Cash withdrawals by owner Consulting revenue 17,450 4. 200 Rent expense 46.010 Salaries expense 19,060 Telephone expense 9.430 Miscellaneous expenses 85,050 ERNST CONSULTING Balance Sheet Use the above information to prepare a December 31 balance sheet for Ernst Consulting. $ $3,070 17.450 4,530 8,090 0 880 690 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $ 7,950 Cash withdrawals by owner 17, 450 Consulting revenue 4,200 Rent expense 46.010 Salaries expense 19, 060 Telephone expense 9,430 Miscellaneous expenses 85,050 $ 3,070 17.450 4,530 8,090 880 690 Using the above information prepare a December income statement for the business. es 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 $85,050 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 $7.950 Cash withdrawals by owner: 17.450 Consulting revenue 4.200 Rent expense 46.010 Salaries expense Telephone expense 19.060 Miscellaneous expenses 9.430 85, 050 Jasmin Ernst, Capital, December 1 ERNST CONSULTING Statement of Owner's Equity Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint Jasmin Ernst, Capital on December 1 was $0. $ S 0 $ 3,070 17, 450 0 4,530 8, 090 880 690 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 $85,050 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 $7,950 Cash withdrawals by owner Consulting revenue 17,450 4. 200 Rent expense 46.010 Salaries expense 19,060 Telephone expense 9.430 Miscellaneous expenses 85,050 ERNST CONSULTING Balance Sheet Use the above information to prepare a December 31 balance sheet for Ernst Consulting. $ $3,070 17.450 4,530 8,090 0 880 690
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Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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