Required informationUse 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 $83,540 in assets inexchange for its common stock to launch the business. On October 31, the company's records show the following itemsand amounts. Retained earnings, October 1 as $0.Cash$12,65013,5202,85045,94017,5308,11083,540Cash dividendsAccounts receivableOffice supplies$ 1,57013,5203,110Consulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesLandOffice equipmentAccounts payable6,490850660Common stockExercise 1-15 Preparing an income statement LO P2Using the above information prepare an October income statement for the business.ERNST CONSULTINGIncome Statement< Prev4of 5Next > Exercise 1-15 Preparing an income statement LO P2Using the above information prepare an October income statement for the business.ERNST CONSULTINGIncome Statement

Name: Required informationUse the following information for exercise 15 to
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Description: Required informationUse 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 $83,540 in as

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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 $83,540 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 $12,650 13,520 2,850 Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660

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 $83,540 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 $12,650 13,520 2,850 Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 10SPB

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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 $84,580 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. $ 9,390 16,020 3,830 45,980 18,550 9,060 84,580 Cash Accounts receivable Office supplies Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 Land Office equipment Accounts payable 7,570 830 650 Common stock 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 Assets Cash Accounts payable Accounts receivable Office supplies Total liabilities Equity Office equipment Common stock Retained…
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! Requlred Informatlon 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 $84,580 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 eanings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9, 060 84, 580 Cash Accounts receivable Office supplies Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 7,570 830 Land office equipment Accounts payable Common stock 650 Exercise 1-16 Preparing a statement of retalned earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings For Month Ended October 31 Retained earnings, October 1 Add: Net income Less:…
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