Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 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 Exercise 1-19 (Alg 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. ERNST CONSULTING Statement of Retained Earning Retained earings, December 1 $ 13,210 Cash dividends Consulting revenue Rent expense 13,320 2,720 17,350 Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 $ $ 0 $ 1,460 13,320 2,950 6,290 830 640 0
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 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 Exercise 1-19 (Alg 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. ERNST CONSULTING Statement of Retained Earning Retained earings, December 1 $ 13,210 Cash dividends Consulting revenue Rent expense 13,320 2,720 17,350 Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 $ $ 0 $ 1,460 13,320 2,950 6,290 830 640 0
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 5CP
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