Question

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 $84,780 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 $ 8,990 Cash withdrawals by owner 14,740 Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 2,830 14,740 4,300 7,740 850 670 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Answer 1

ERNST CONSULTING INCOME STATEMENT for month Ended oftober 31 Revenues Consulting Revenue $14,740 $14,740 - Total crevenues Expenses Miscellaneous Expenses Rent Expense salaries Expense Telephone Expense $670 $ 4300 $7,740 $850 Total Expenses Net Income $ 13,560 1 $ 1180 ERNST CONSULTING Statement of Owner's Equity for the month Ended october 31 Ernst, Capital, ochd | Addt owner's investment $84,780 Ladel weet Income $1180 $ 85,960 hessa withdrawals_by_owner $2,830 Ernst, capital, oct. 31 $83,130

DA ERNSL Consulting A Balance Sheel As of October 31 L Assets o liabilities. I Cash $8990 Accounts payable (49,170 Accounts creceivable $14,740 Landout $45,980° office equipment $18,660 | Office Supplies 43,930 Eonst, Capital $ 83,130 السعر Total Assets $92,300 Total liabilities and & 92.300 Equity
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