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Homework Answers
1)
| Assets | = | Liabilities | + | Equity | |
| a) | (155000+37000)= $192000 | = | $155000 | + | $37000 |
| b) | $130000 | = | $59000 | + | (130000-59000)= $71000 |
| c) | $213000 | = | (213000-62000)= $151000 | + | $62000 |
2)
| ERNST CONSULTING | ||
| Income Statement | ||
| For the Month Ended October 31 | ||
| Revenues | ||
| Consulting revenue | $14800 | |
| Total revenues | $14800 | |
| Expenses | ||
| Rent expense | 3750 | |
| Salaries expense | 7160 | |
| Telephone expense | 780 | |
| Miscellaneous expense | 600 | |
| Total expenses | 12290 | |
| Net income | $2510 | |
| ERNST CONSULTING | |
| Statement of Retained Earnings | |
| For the Month Ended October 31 | |
| Retained earnings, Oct 1 | $0 |
| Add: Net income | 2510 |
| 2510 | |
| Less: Cash dividends | 2180 |
| Retained earnings, Oct 31 | $330 |
| ERNST CONSULTING | |||
| Balance Sheet | |||
| As on October 31 | |||
| Assets | Liabilities | ||
| Cash | $10710 | Accounts payable | $8630 |
| Accounts receivable | 14800 | ||
| Office supplies | 3450 | Equity | |
| Land | 46030 | Common stock | 84200 |
| Office equipment | 18170 | Retained earnings | 330 |
| Total equity | 84530 | ||
| $93160 | $93160 | ||
3)
| Assets | Liabilities | Equity | |||||||||||||||||
| Accounts | Office | Office | Accounts | Common | |||||||||||||||
| Cash | + | Receivable | + | Supplies | + | Equipment | + | OfficeSuite | = | Payable | + | Stock | - | Dividends | + | Revenues | - | Expenses | |
| a. | $65000 | + | + | + | $36000 | + | = | + | $101000 | - | + | - | |||||||
| b. | -47000 | + | + | + | + | 47000 | = | + | - | + | - | ||||||||
| Bal. | 18000 | + | + | + | 36000 | + | 47000 | = | + | 101000 | - | + | - | ||||||
| c | -5800 | + | + | + | 5800 | + | = | + | - | + | - | ||||||||
| Bal. | 12200 | + | + | + | 41800 | + | 47000 | = | + | 101000 | - | + | - | ||||||
| d | + | + | 3700 | + | 1900 | + | = | 5600 | + | - | + | - | |||||||
| Bal. | 12200 | + | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | + | - | ||||
| e | -970 | + | + | + | + | = | + | - | + | - | 970 | ||||||||
| Bal. | 11230 | + | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | + | - | 970 | |||
| f | + | 4300 | + | + | + | = | + | - | + | 4300 | - | ||||||||
| Bal. | 11230 | + | 4300 | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | + | 4300 | - | 970 | |
| g | 8100 | + | + | + | + | = | + | - | + | 8100 | - | ||||||||
| Bal. | 19330 | + | 4300 | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | + | 12400 | - | 970 | |
| h | -1300 | + | + | + | + | = | + | - | 1300 | + | - | ||||||||
| Bal. | 18030 | + | 4300 | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | 1300 | + | 12400 | - | 970 |
| i | 3300 | + | -3300 | + | + | + | = | + | - | + | - | ||||||||
| Bal. | 21330 | + | 1000 | + | 3700 | + | 43700 | + | 47000 | = | 5600 | + | 101000 | - | 1300 | + | 12400 | - | 970 |
| j | -950 | + | + | + | + | = | -950 | + | - | + | - | ||||||||
| Bal. | 20380 | + | 1000 | + | 3700 | + | 43700 | + | 47000 | = | 4650 | + | 101000 | - | 1300 | + | 12400 | - | 970 |
| k | -2000 | + | + | + | + | = | + | - | + | - | 2000 | ||||||||
| Bal. | $18380 | + | 1000 | + | 3700 | + | 43700 | + | 47000 | = | 4650 | + | 101000 | - | 1300 | + | 12400 | - | 2970 |
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Determine the missing amount from each of the separate situations given below. + Equity 37,000 +...
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst...
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 $84,200 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 $ 10,710 Cash dividends $ 2,180 Accounts receivable 14,800 Consulting revenue 14,800 Office supplies 3,450 Rent expense 3,750 Land 46,030 Salaries expense 7,160 Office equipment 18,170 Telephone expense 780...
Required information {The following information applies to the questions displayed below.) On October 1, Ebony Ernst...
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 $84,200 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 10,710 14, 160 3,450 46,030 18,170 8,630 84,200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180...
dow Help [ ] 75% E, Wed 11:18 AM Help Save & Exit Submit Check my...
dow Help [ ] 75% E, Wed 11:18 AM Help Save & Exit Submit Check my work ine rouowing mrormaion appiwes to ine quesbons aispvayea penow On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84.200 n assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. $10,710 Cash dividends Accounts receivable office suppiies Land office equipment Accounts payable Common Stock $...
Check my work [The following information applies to the questions displayed below.) On October 1, Ebony...
Check my work [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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 $10,710 14, 160 3,450 46, 630 18,170 8,630 84, 200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous...
Required information (The following information applies to the questions displayed below.) On October 1, Ebony Ernst...
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 $84,200 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 $10,710 14, 160 3,450 46,030 18. 170 8,630 84. 200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses...
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst...
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 $84,200 in assets to launch the business. On October 31, the company's records show the following items and amounts. cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $10, 710 14, 160 3, 450 46, 030 18, 170 8, 630 84, 200 $ 2, 180 14, 160 3,750 7,160 780...
ter 1H X Pearson eT x E Untitled do Маcro Hoп X x6 Register | P...
ter 1H X Pearson eT x E Untitled do Маcro Hoп X x6 Register | P X E Chapter 1. x New Tab ect.mheducation.com/flow/connect.html mework O Saved Help Save (The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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...
it appears that a step is missing. [The following information applies to the questions displayed below.)...
it appears that a step is missing.
[The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 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 $15,760 12,599 1,960 46,030 16,580 7,250 82,789...
Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst...
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 $83,850 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 $11,580 Cash dividends 14,000 Consulting revenue 3, 140 Rent expense 46,000 Salaries expense 17,820 Telephone expense Ana Miscellaneous...
Required information Use the following information for exercise 15 to 18 LO P2 [The following information...
Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 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 $15,760...
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 $84,200 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 10,710 14, 160 3,450 46,030 18,170 8,630 84,200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180...
dow Help [ ] 75% E, Wed 11:18 AM Help Save & Exit Submit Check my work ine rouowing mrormaion appiwes to ine quesbons aispvayea penow On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84.200 n assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. $10,710 Cash dividends Accounts receivable office suppiies Land office equipment Accounts payable Common Stock $...
Check my work [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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 $10,710 14, 160 3,450 46, 630 18,170 8,630 84, 200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous...
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 $84,200 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 $10,710 14, 160 3,450 46,030 18. 170 8,630 84. 200 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses...
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 $84,200 in assets to launch the business. On October 31, the company's records show the following items and amounts. cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $10, 710 14, 160 3, 450 46, 030 18, 170 8, 630 84, 200 $ 2, 180 14, 160 3,750 7,160 780...
ter 1H X Pearson eT x E Untitled do Маcro Hoп X x6 Register | P X E Chapter 1. x New Tab ect.mheducation.com/flow/connect.html mework O Saved Help Save (The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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...
it appears that a step is missing.
[The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 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 $15,760 12,599 1,960 46,030 16,580 7,250 82,789...
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 $83,850 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 $11,580 Cash dividends 14,000 Consulting revenue 3, 140 Rent expense 46,000 Salaries expense 17,820 Telephone expense Ana Miscellaneous...
Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $82,780 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 $15,760...
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