Homework Answers
Prepare financial statements as follows:
| ERNST CONSULTING | ||
| Income Statement | ||
| Revenue: | ||
| Consulting revenue | $14,000 | |
| Less: operating expense | ||
| Salaries expense | ($7,000) | |
| Rent expense | ($3,550) | |
| Telephone expense | ($760) | |
| Miscellaneous expense | ($580) | ($11,890) |
| Net income | $2,110 | |
| ERNST CONSULTING | ||
| Statement of Owner's Equty | ||
| Beginning capital | - | |
| Add: Contributed | $84,000 | |
| Add: Net income | $2,110 | |
| Less: Drawings | ($2,000) | |
| Ending balance | $84,110 | |
| ERNST CONSULTING | |||
| Balance Sheet | |||
| Assets | Liabilities | ||
| Current assets: | Current liabilities: | ||
| Cash | $11,360 | Accounts payable | $8,500 |
| Accounts receivable | $14,000 | ||
| Office supplies | $3,250 | ||
| Total current assets | $28,610 | ||
| Property, plant and equipment: | Owners' Equity | $84,110 | |
| Land | $46,000 | ||
| Office equipment | $18,000 | ||
| Total assets | $92,610 | Total Liabilities & OE | $92,610 |
Add Answer to:
On October 1, Ebony Ernst organized Emst Consulting, on October 3, the owner contributed $84,000 in...
2 On October 1, Ebony Emst organized Emst Consulting, on October 3, the owner contributed $84,000...
2 On October 1, Ebony Emst organized Emst Consulting, on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. cing revenue 14.000 3.550 7.000 Land 46,000 Salaries expense 1.3 points 580 Using the above prepare an October income statement for the business. 11.360 346,000 Revenues Consulting sevenue14.000 expense 7,000 <Prey 234 of51E Next >
Return to question On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner...
Return to question On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 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 $11.360 14.000 3,250 46.000 18,000 3.500 84,000 Cash dividends consulting revenue Rant expense salaries expense Telephone expense Wiscellaneous expenses $ 2,000 14,000 3.550 1.000 office equipment Accounts...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,310 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. Cash $ 10,200 Cash dividends $ 2,340 Accounts receivable 15,200 Consulting revenue 15,200 Office supplies 3,550 Rent expense 3,910 Land 45,990 Salaries expense 7,350 Office equipment 18,310 Telephone expense 790 Accounts payable 8,740 Miscellaneous expenses 610 Common Stock 84,310 Using the...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 in...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 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. $11,360 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock 2,000 14,000 3,550 7,000 766 588 14,668 Consulting revenue 3,250 Rent expense 46,eee Salaries expense 18,00 Telephone expense 8,500 Miscellaneous expenses 84,800 Exercise 1-18 Preparing a...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $14, 890 Cash withdrawals by owner 930 12, 820 2,530 5, 780 790 12, 820 Consulting revenue 2,290 Rent expense 45,960 Salaries expense 16,900 Telephone expense 7,670 Miscellaneous expenses 83, 010 Using the above information...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Cash $ 14,890 Cash withdrawals by owner $ 930 Accounts receivable 12,820 Consulting fees earned 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment 16,900 Telephone expense 790 Accounts payable 7,670 Miscellaneous expenses 610 Owner investments 83,010
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,390 in...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,390 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...
On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,390 in...
On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,390 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. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $85,360 in...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $85,360 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 $ 7,010 18,350 4,480 46,040 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $82,890 in...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $82,890 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 $15, 140 12,720 2,110 46,010 16,780 7.360 82,890 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 830 12,720...
2 On October 1, Ebony Emst organized Emst Consulting, on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. cing revenue 14.000 3.550 7.000 Land 46,000 Salaries expense 1.3 points 580 Using the above prepare an October income statement for the business. 11.360 346,000 Revenues Consulting sevenue14.000 expense 7,000 <Prey 234 of51E Next >
Return to question On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 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 $11.360 14.000 3,250 46.000 18,000 3.500 84,000 Cash dividends consulting revenue Rant expense salaries expense Telephone expense Wiscellaneous expenses $ 2,000 14,000 3.550 1.000 office equipment Accounts...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 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. $11,360 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock 2,000 14,000 3,550 7,000 766 588 14,668 Consulting revenue 3,250 Rent expense 46,eee Salaries expense 18,00 Telephone expense 8,500 Miscellaneous expenses 84,800 Exercise 1-18 Preparing a...
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $14, 890 Cash withdrawals by owner 930 12, 820 2,530 5, 780 790 12, 820 Consulting revenue 2,290 Rent expense 45,960 Salaries expense 16,900 Telephone expense 7,670 Miscellaneous expenses 83, 010 Using the above information...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,390 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...
On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,390 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. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common Stock $13,210 12,300 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 12,300 2,950 6,290 830 640 Using the above...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $85,360 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 $ 7,010 18,350 4,480 46,040 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350...
On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $82,890 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 $15, 140 12,720 2,110 46,010 16,780 7.360 82,890 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 830 12,720...
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