Homework Answers
The calculations done in answer are all correct but the only thing missing is beginning retained earnings balance. You need to fill $0 in beginning retained earnings balance.
Complete solution with necessary working are given below.
| ERNST CONSULTING | |
| Statement of owner's equity | |
| For the month ended October | |
| Retained earnings, October 1 | $ 0 |
| Add: Net income | $ 2,110 |
| $ 2,110 | |
| Less: Dividends | $ 2,000 |
| Retained earnings, Oct 31 | $ 110 |
.
| Income statement | |
| Consulting revenue | $ 14,000.00 |
| Rent expense | $ 3,550.00 |
| Salaries expense | $ 7,000.00 |
| Telephone expense | $ 760.00 |
| Miscellaneous expenses | $ 580.00 |
| Net income | $ 2,110.00 |
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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...
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