Required
information
Use
the following information for exercises 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 $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.
|
|
||||||
|
Cash
|
$
|
7,010
|
|
Cash dividends
|
$
|
3,390
|
|
Accounts receivable
|
|
18,500
|
|
Consulting revenue
|
|
18,500
|
|
Office supplies
|
|
4,480
|
|
Rent expense
|
|
4,820
|
|
Land
|
|
46,040
|
|
Salaries expense
|
|
8,370
|
|
Office equipment
|
|
19,360
|
|
Telephone expense
|
|
910
|
|
Accounts payable
|
|
9,740
|
|
Miscellaneous expenses
|
|
720
|
|
Common Stock
|
|
85,360
|
|
|
|
|
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
|
|
|
For Month Ended October 31
|
|
|
Retained earnings, Oct. 1
|
$0
|
|
Add: Net income
|
3,680
|
|
3,680
|
|
|
Less: Dividends
|
3,390
|
|
Retained earnings, Oct. 31
|
$290
|
If you had financial problems, then it is time for you to smile. You only need to contact Mr. Benjamin with the amount you wish to borrow and the payment period that suits you and you will have your loan within three working days. I just benefited for the sixth time a loan of 700 thousand dollars for a period of 180 months with the possibility of paying before the expiration date. Mr Benjamin has be helping me with loan.Make contact with him and you will see that he is a very honest man with a good heart.His email is lfdsloans@lemeridianfds.com and his WhatApp phone number is + 1-989-394-3740
ReplyDelete