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.$12,65013,5202,85045,94017,5308,11083,540$ 1,57013,5203,1106,490CashCash dividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesAccounts receivableOffice suppliesLand850Office equipmentAccounts payable660Common stockExercise 1-16 Preparing a statement of retained earnings LO P2Using the above information prepare an October statement of retained earnings for Ernst Consulting.ERNST CONSULTINGStatement of Retained Earnings 13,520Consulting ra enueAccounts receivable2,85045,94017,5308,11083,540Rent expenseSalaries expenseTelephone expenseMiscellaneous expenses3,1106,490850660Office suppliesLandOffice equipmentAccounts payableCommon stockExercise 1-16 Preparing a statement of retained earnings LO P2Using the above information prepare an October statement of retained earnings for Ernst Consulting.ERNST CONSULTINGStatement of Retained Earnings

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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 850 660 Cash Cash dividends Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable Common stock ercise 1-16 Preparing a statement of retained earnings LO P2 ng the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings

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. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 850 660 Cash Cash dividends Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable Common stock ercise 1-16 Preparing a statement of retained earnings LO P2 ng the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 3PA: Forte Inc. produces and sells theater set designs and costumes. The company began operations on...

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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…
! 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:…
As of December 31, 2018, Sadaf Oman Company reported assets of RO 3,700,000, share capital of RO 990,000 and retained earnings of RO 1,600,000. Total liabilities reported on the statement of financial position as of December 31, 2018 is Select one O a RO 1,100,000. Ob RO 1350,00. OC RO 1,110000. O d. RO 1,240,000.
The lollowng ihrormation appiles 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 eamings, October 1 as $0. $ 9,390 16,020 3,830 45,980 18,550 9,060 84, 580 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses Cash $ 2,650 16,020 4,190 7,570 Accounts receivable Office supplies Land office equipment Accounts payable Common stock 830 650 Exerclse 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings 2.
You have secured the following information for Companies A, B, and C concerning their internally generated net incomes (excluding subsidiary income) and dividends paid: A B C2015 Internally generated net income . . . . $30,000 $20,000 $10,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,0002016 Internally generated net income . . . . 50,000 30,000 25,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0002017 Internally generated net income . . . . 40,000 40,000 30,000Dividends declared and paid . . . . . . . . . . . . .10,000 5,000 5,0001. Assume Company A acquires an 80% interest in Company B on January 1, 2015, and Company B acquires a 60% interest in Company C on January 1, 2016. Prepare the simple equity method adjusting entries made by Companies A and B for subsidiary…
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You have been recently appointed the junior accountant of Peachy Limited. The following trial balance has been extracted from the records of Peachy Limited as at 31 December 2020. €’000 €'000 Ordinary shares of €1 each 150,000 50,000 50,000 80,000 129,010 Share Premium 5% preference shares 7% loan notes Retained earnings Premises 290,000 87,000 40,000 Motor vehicles at cost Equipment at cost Accumulated depreciation – motor vehicles Accumulated depreciation - Equipment Inventory at 1.1.20 Payables Receivables 17,000 8,000 48,000 12,750 24,400 Bank 11,740 Revenue 327,000 Purchases 188,000 34,000 Wages Administrative expenses Selling & distribution costs 15,320 12,470 70,230 2,600 Directors Salaries Loan note interest paid 823,760 823,760 Additional Information: 1. The company uses the revaluation model for valuing its premises. The premises is included in the trial balance at its fair value as at 31 December 2019. Both motor vehicles and equipment are included in the trial balance at…
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A elearning.act.edu.om You are given the Balance Sheet of XYZ LLC as on 31st December,2020. ASSETS: 01-01- 31-12- 2020 2020 Machinery 300,00 255,000 Furniture 40,000 36,000 Stock (FIFO) 60,000 70,000 Debtors 50,000| 50,000 Cash 100,000 226,000 TOTAL 550,000 637,000 LIABILITIES: Share Capital 350,000 350,000 12% Debentures 100,000 100,000 Current Liabilities 100,000 100,000 Retained Earnings 87,000 ТОTAL 550,000 637,000 General Price Index 300 360 а. What is the amount of Retained Earnings as per CPP Method? II
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Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA)? Inventory 12,500 Current Assets 50,000 Current Liabilities 40,000 Non-current Assets 90,000 Net Profit 11,900 Shareholders' Equity 65,000 Select one: O a. 0.238 O b. 0.17 O c. 0.85 O d. The correct answer not available O e. 0.085
Preview File Edit View V mgt120h-j17.pdf Page 8 of 10 Go Tools U Window Help ₁ V d. Company D has revenue of $783,000 and net income of $21,000 after income tax expense of $17,000. What do its other expenses total? ● For this year, Company E has net income of $43,000 and declared a dividend of $11,000. The company's beginning retained earnings totalled $217,000. At the end of the year, the company had current assets of $387,000, noncurrent assets of $414,000, current liabilities of $205,000, and share capital of $181,000. The company decides to borrow a long-term loan (long-term bond) for cash in order to raise its working capital to $250,000. Working capital is current assets minus current liabilities. Currently, working capital is $182,000 ($387,000 - 205,000). If it does so, what will the total noncurrent liabilities be? Search ((. Ơ ០១ Sat Apr 15 2:58 PM