50.1K

Verified Solution

Link Copied!

wild, financial accounting fundamentals, 7e

www 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 $84,310 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 $10,200 15,200 3,550 45,990 18,310 3,740 34,310 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 15,200 3.910 7.350 Exercise 1-15 Preparing an income statement LO P2 or 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 $10,200 15,200 3,550 45,990 18,319 8,740 34,310 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 15.209 3,910 7,350 790 610 Exercise 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

Answer & Explanation Solved by verified expert

See Answer